What Is The Cost of Living in Miami, FL?

Miami is a very special blend of luxury and lifestyle. Known for its beaches, incredible concerts and nightlife, and international business scene, it attracts people from all over the world of all financial standings. With this sexy allure comes a cost: a higher-than-average cost of living.

Whether you’re considering a move to Miami or just curious about the expenses to do something like this, this guide will break down what you need to consider when figuring the cost of living in Miami.

1. Housing

The cost of housing is by far the largest expense here in Miami. Whether you’re renting or buying, prices are way higher than in many other U.S. cities. Miami’s real estate market is highly competitive due to its sunny climate and fun parties.

Renting in Miami

Renting in Miami depends on the neighborhood and type of home you want. The best and coolest areas like Brickell, and Miami Beach have higher rent prices due to their location and proximity to the beach, work, and nightlife.

Average prices so you can get an idea:

• 1-Bedroom Apartment in the City Center: $2,700 – $3,500 per month
• 1-Bedroom Apartment Outside the City Center: $1,900 – $2,500 per month
• 3-Bedroom Apartment in the City Center: $4,000 – $6,500 per month
• 3-Bedroom Apartment Outside the City Center: $2,800 – $4,500 per month

The price always based on location, the street itself and noise levels, size, and other amenities. Depending on the location and if there is an ocean view, the cost will be significantly more than an apartment in less central locations. This is true for everywhere.

Buying a Home in Miami (If you dare)

Miami’s real estate market can be daunting and expensive, with the average home price around $600,000 – $800,000. Depending on the neighborhood and size of the home this can also be much higher.

Homes in highly desired areas like Coral Gables or Miami Beach will cost over a million dollars easily and way more depending on the level of luxury you desire.

• Average Home Price in Miami: $735,000
• Condo Price: $550,000 – $700,000 (depending on size and location)

2. Utilities and Internet

Miami’s utilities are more expensive than in other cities due to its hot temperatures and high energy demand, especially during summer months you should expect to pay more. On average, you can expect, It’s important to note that air conditioning will be a significant portion of your energy bill during the hot summer months.

• Electricity, Heating, Cooling, Water, Trash: $150 – $350 per month (for a standard apartment)
• Internet: $60 – $100 per month

3. Getting Around

Miami has a public transportation system, but it’s limited compared to other major cities. As a result, you will need your own car here realistically. Here is a breakdown of average costs to having your own private car.

Owning a Car

• Gas: The average price of gas in Miami is typically around $3.30 – $3.70 per gallon depending on the cost of a barrel.
• Car Insurance: Miami’s car insurance tends to be higher than the national average.
• Expect to pay around 1,200 – $2,000 per year, depending on your driving history and the type of car you have.
• Parking: Parking can be expensive, especially in the downtown or beach areas. If you live in an area with limited street parking, expect to pay $100- $300 per month as a minimum. If there is a concert or big event in the area expect to pay even high prices from $40 and up in the downtown.

Public Transportation Prices:

• Monthly Public Transport Pass: $112 per month
• One-Way Ticket: $2.25

While public transit is available, the city is known for its heavy traffic, so owning a car may still be more convenient even if you do partially use the public options.

4. Food

Wow the food in Miami is incredible! You have it all from Latin American eateries to upscale restaurants for teh rich and famous. For grocery shopping, prices are slightly higher than the national average, mainly due to the city’s tropical location and demand for imported goods. I fyou are spending most of your salary on food don’t be surprised as it is just delicious here.

Grocery Prices in Miami

• Milk (1 gallon): $4.00
• Bread (1 loaf): $4.00
• Eggs (12): $4.00
• Rice (1 kg): $5.00
• Chicken (1 kg): $12.00
• Apples (1 kg): $5.00

While grocery prices vary depending on where you shop, local markets vs. big chain stores, overall the prices of cooking at home are necessarily that cheap. As well, eating out in Miami can get expensive very quickly. My local suggestion is to find you favorite $1 tacos and gain weight in the most fun way possible.

Eating Out:

• Inexpensive Restaurant: $15 – $25
• Mid-Range $60 – $100
• Luxury $ could be up to $2000 for one, the sky is the limit
• Coffee (Regular): $5

Miami has a perfect and diverse food scene, especially when it comes to Latin American and Caribbean cuisine, you have some of the best options in the USA. This making eating out both an experience and an expense. Save up as this is the best part of living in Miami in my opinion.

5. Health and Fitness is Key in Miami

• Health Insurance: $300 – $600 depending on your employer
• Gym Membership: $40 – $100 per month without classes
• Gym Classes: $30 per group class
• Doctor’s Visit: $200 per visit

Miami gyms are a vibe but the costs add up quite fast. This is the most important thing though after hitting up that taco stand.

6. Fun In The City

Miami locals know that fun is a big part of the lifestyle. From beach outings to night clubs, art galleries, and theater, there’s always something to do. The DJs that make it here are top class. Here are the average prices for a night out:

• Movie Ticket: $16
• Night Out cocktails and dinner for two: $50 – $150
• Museum Admission: $20