The amount of money needed to live in Miami is based on numerous factors, such as the part of town you live, whether people are depending on you, as well as the kind of lifestyle you wish to keep.
While median costs for food, transportation, rent, and so on can give a clear picture of the costs of living in Miami, there are extra confounding variables.
Regardless of who you are; to help yourself with just a modest way of life, you must be able to afford food, rent, transportation, and utility costs.
Miami is a haven for people who dream of living in close range to a beach without even escaping the comforts of the city.
Planning to make a move to Miami? It is important to look into the cost of living of the city and whether it is a perfect fit for your budget.
Below is all you need to know about Miami’s cost of living.
Housing Costs in Miami
Miami is famous for its skyline including numerous high-rises standing on the city’s sandy beaches. With that, the Miami metro area has options for suburban and urban living for renters. So, whether you are in search of a lovely loft or a nice apartment with a view, you will find it all in Miami.
The average apartment rent in Miami, as reported by Rentcafe.com, a rental aggregate website in early 2020 is $1,702 per month. The average rent for a 2-bedroom apartment costs $1,635 in Miami.
That is $500 above the national average.
Not to mention, there are neighborhoods in the Miami metro area that have much higher rental rates for a bedroom apartment with average rent for a 2-bedroom apartment in Miami Beach at $2,170.
That said, now may be the perfect time to enter the Miami rental market. As the country bounces back from the economic effect of the COVID-19 pandemic, rent prices are still lower than they were in 2020.
The comparison of year-over-year rent prices in Miami reveals that rent prices reduced by 2% in 2020 alone. Renters can currently get a 1-bedroom apartment for less. The average rent for a 1-bedroom apartment is as low as $1,252.
It is essential to look at the neighborhoods you considering rent or owning a house. What does each Miami neighborhood offer?
Cost of Utilities in Miami
Expect different utility bills depending on the time of year. It is moderately cheap to power your South Florida home in winter; on some days you don’t need AC, you may not even need to run the heat. July and August are different, anyways. The average daytime highs are above 900. Aside from the heat, excess humidity, and high dew point, the moisture in the air palpable.
This is why you can run your AC almost 24 hours per day and can increase summer utility bills by more than $300 per month, especially if you have a large home. For a 915sq-ft apartment in Miami, prepare an average utility bill of about $150 per month; expect it to be high in the summer and lower in the winter.
Miami Food Costs
Miami is a multicultural center with a lot of different cultures. This diversity has great positive benefits. One of those is the availability of foods from various cultures that are available here. You might see Caribbean Jerk Chicken on a certain street corner and traditional Spanish paella on another. The abundance of these delectable dishes implies that residents of Miami will have to keep a nice eye on their budget line for food items.
Eating out can be expensive. Numbers reported that a meal for two at a mid-level restaurant costs an average of $70, excluding tip. For one, a meal at a cheap restaurant costs an average of $15. If your living is based on a budget, you may be able to maintain low food costs to just $265 per month by avoiding eating out and cooking every one of your meals at home.
However, for two adults, a 2-child family of four, the cost could get to $775 per month.
Transportation Costs in Miami
Your mode of transportation will determine the cost of your getting around Miami. The biggest cost for drivers aside from the car itself is insurance, which is highly beyond the national average in Miami because of bad traffic, a high crime rate, as well as harsh weather concerns. Gas prices are beyond the country’s average, though not so high.
Taxis are also costly. However, Uber is still available in Miami. A bus ticket to commute downtown costs $2.25, or you can buy a monthly endless bus pass for $112.50.
Miami Healthcare Costs
Healthcare costs are of major concern for most people, no matter where you live. That means that the costs of healthcare insurance can put a hole in your bank account. So, it is important to select a cheap option that works perfectly for you.
Fortunately, you can make use of Florida’s Health Choices website to get a cheap health insurance plan that will cover you in Miami. Healthcare costs are a budget item that will be based on your specific situation. So, they can be tough to be estimated accurately for everyone.
That implies that a single adult will spend about $2,792 on medical expenses, which include medication, healthcare insurance, and related costs every year. The healthcare costs for a 4-person family rise to $9,249 per annum. If you are moving from another state, you will have to report your move to be a match for a special enrollment timeline. Make sure you do this before your move to avoid not meeting up with coverage.
Fitness and Entertainment Costs
Miami is well known for its fitness and entertainment choices, which is obvious. Its options of dining options, beaches, as well as 2 sports teams from major leagues make it a leading destination for people in need of fun in any medium. Whether you are swimming at the beach or watching a game, there is always something to do in Miami.
With that, your budget can be affected by fitness and entertainment.
Below is a breakdown of popular fitness and entertainment costs as popular in Miami:
Fitness in Miami is a big thing. That is why there are numerous options for people that want to get and stay fit. The median cost of a gym membership is $51.17 in Miami for an individual adult. However, there are affordable options. Those include buying a nice pair of running shoes and making it a hobby. Miami has many great running locations, so you can easily lace up and enjoy the scenes.
Visit a park:
Definitely, Miami lies up to its popularity as a coastal city that has many beach options. However, its parks are somehow underrated. There are 30 acres of green space on the Maurice A. Ferre Park found in Downtown Miami. Ideal for evening walks or little jugs, there are palm tree-lined walkways and amazing monuments. Its closeness to American Airlines Arena, Bayside Marketplace and two museums makes it a common destination for residents of Miami.
If you are searching for more space, Tropical Park might be exactly what you need. This park has facilities for lots of sports, such as basketball, boxing, softball, volleyball, and so on. Also, 275 acres give a lot of room for jogs, walks, or biking. The best thing about visiting a park is that – it is a very fun and free adventure.
Go watch a sports game:
Miami is a host to many sports teams from the major league. If you are a football or basketball fan, then you will enjoy the closeness to the home of the Miami Heat and the Miami Dolphins. SeatGeek recorded that the Miami Heat game cost an average of $93. You will spend about $72 to get a Miami Dolphins ticket. If you are a hockey lover, go to the north of Downtown Miami to watch a game of Florida Panthers at BB&T Center. You can expect to pay an average of $50 for tickets to the ice hockey venue.
Living in Miami for Professionals? How much?
Being a professional living in Miami, you have probably moved past the roommate stage of life and wish to get a place of your own. To live in a median 1-bedroom apartment in Miami, you need $2,000 every month for rent.
Living alone, it is your responsibility for utilities, which should cost an average of $150 as a single. Food costs can be maintained to $400 every month, even though that amount accommodates little meals out. While you have the option of taking the bus to save transportation costs, the majority of Miami professionals drive to work.
That implies that as a professional, you should consider an extra $150 every month for vehicle insurance and $100 every month for gas, and this is an assumption that you are a car owner and don’t have a car payment. With a monthly salary of $3,500, you can meet these expenses and cover additional costs as they come, including auto repairs, toiletries, and health insurance co-payments. This implies that it takes an annual income of about $42,000 to live a reasonable life in a median Miami 1-bedroom rental.
Students Living in Miami? How much?
There are many large universities in Miami, such as the private University of Miami and the public Florida International University. There is a large number of apartments around the two campuses, which include 2-bedroom units at below $2,000 per month.
The most affordable way to reside in Miami as a student is to have roommates, even many. The majority of apartments allow two people in each bedroom, which means four people can share a 2-bedroom apartment.
That lowers the monthly rental costs of $2,000 at $500 per resident. You would also divide a $150 utility bill into four ways, which makes each resident responsible for below $40.
Also, college students are popular for cheap eating, so you should be able to keep monthly food costs below $400 every month. Transportation is majorly dependent on a non-issue so far you rent the apartment within walking distance to campus. If you can plan a budget, follow it and don’t get attracted by the extravagant lifestyle in Miami.
You can live in the city as a student on a $1,500 per month income. Students get that income from working on or off-campus, parental assistance, student loans, or a combination of these.
Other Miami Expenses to Note
Making it to Miami implies that you will have to do your part on the actual cost of living in the Magic City. Even though the cost of living covers the major expenses of residing in Miami, there are usually some hidden costs that are not found on most budgets.
However, it is important to get ready for these costs before moving. Below are a few extra expenses to consider in Miami:
- Amenity costs: If you decide to rent in a high-rise apartment building, you will possibly encounter higher prices because of the amenities offered by those places. Whether it is an indoor pool, in-unit laundry, fully stocked gym, or rooftop lounge, these great-to-haves can increase your rent.
- Taxes: The great news here is that, Florida doesn’t charge income taxes. That means that both state and county sales tax rate is at 7%.
- Flood insurance: A limitation of living in the coastal city is the possibility of harsh weather. You may want to get private flood insurance to cover your items in case there is storm damage.
Are You Ready To Move Miami?
Miami is indeed a dream location for many people. However, if you are looking to make your dream a reality, it will take a lot of strict budgeting and planning. If you are ready to do the work, you can proceed to the fun part which is moving.