How much does it cost to live in Miami?

If you are interested in buying a house in Miami to live in and you want to know how much it costs to live in Miami on average, among other factors, you should take into account ...

  • In what part of the city do you plan to acquire a property.
  • What lifestyle do you aspire to?
  • What are the average costs of housing, food, transportation ...

While this may give you a general idea of ​​the costs of living in Miami, you will also have other points to consider, such as the price of utilities.

Miami Areas Reference Guide

Understand the Miami rental market

If you are considering acquiring a property in Miami to rent it, in early 2020 the rental portal Rentcafe it specified that an average apartment in Miami can be found for $ 1,707 a month. This figure may seem a bit high, but you should know that this average also includes the rents of the most exclusive and wealthy neighborhoods of the city.

Get to know the Miami areas

Knowing the average cost of living in Miami is useful to make a rough estimate of what the average cost of living in Miami is. This is because rents differ greatly from one part of the city to another.

Eg Miami areas as South Beach, Brickell and Coconut Grove, are more sophisticated and cosmopolitan areas of Miami, where the price of rents is higher. Then there are areas like Liberty City and Overtown, where while rents are more affordable, crime rates skyrocket here. Tend to rule out these types of neighborhoods, despite the temptation to invest in a property due to security concerns.

Understand the cost of utilities

The price of utility bills can vary according to the time of year. While in South Florida energy consumption is lower in winter, when it is not necessary to use air conditioners or air conditioners; In the months of July and August the average maximum temperatures during the day can reach and exceed 90ºF / 32ºC.

Consider the price of food

It is true that the price of food and drink is significantly higher in Miami than in the rest of the United States.

A gallon of milk - which corresponds to about 3,8 liters of milk - can cost you up to $ 4. A loaf of bread, $ 3. A pound of chicken breast - about a pound - can be priced at $ 5.

In short, cooking at home and trying to avoid unnecessary spending outside can help you maintain a balanced diet for less than $ 100.

Know the transportation costs

As in other locations, the cost of getting around Miami depends on the mode of transportation you choose.

If you are one of those who prefer to drive, the cost is higher. In addition to the car itself, you also need a contract, the prices of which are often high given excess traffic, high crime rate, and extreme weather concerns. The price of fuel exceeds the national average, although not in an exaggerated way.

Using a taxi in Miami is also expensive, but the city also has Uber. A trip to downtown Miami by bus will cost you $ 2,25, although you also have the ability to purchase an unlimited monthly pass for $ 112,50.

Living in Miami as a student

Miami has some prestigious universities, such as the Private University of Miami and Florida International University.

Around these campuses, countless two-bedroom apartments have flourished, available for less than $ 2,000 a month. Sharing a room is usually the key for people studying in Miami, being able to reduce the monthly rent up to $ 500 per person.

It is generally possible to live decently in Miami as a student with a monthly income of $ 1,500. Many students choose to earn that income with jobs on or off campus, loans, parental assistance, or a combination of all or some of them.

Living in Miami as a professional

Professionals living in Miami often prefer the independence and privacy of having their own place. To live in an average one-bedroom apartment in Miami, you need about $ 2,000 a month for rent. To this figure should be added about $ 150 for her account as responsible for public services. The cost of food can be kept at $ 400 a month, but without too many frills.

Although the bus exists, the reality is that most professionals who live in Miami tend to opt for private transportation. So you need to factor in another $ 150 a month for auto insurance and $ 100 for fuel. This assuming you already have a vehicle and don't need to buy one.

In short, with an income of $ 3,500 per month it is enough to cover these expenses and be covered against unforeseen events that may arise at any time. Still, someone can have a modest life in Miami on an annual income of $ 42,000.