Relocating to Miami can be thrilling, especially if you’re moving from somewhere without as much to see and do. There’s never a dull moment in this city, from the beautiful beaches to the abundance of nightlife and history-filled neighborhoods. While the Miami, Florida, cost of living will vary depending on where you live, whether you live in a house or an apartment, and the size of your family, here are some general numbers to give you an idea of the cost of living in Miami.
Cost of living in Miami
Living in Miami, Florida, is exhilarating. With beaches with clear water and white sand, art, and a thriving downtown center, there’s never a shortage of places to go or things to do. You can expect plenty of sunshine so you can enjoy a lovely weekend on the water, but expect high humidity and heat. A temperature of 75 will soon leave you feeling chilled, which can be nice, especially if you’re moving from an area with a cooler climate.
Located on the Atlantic Ocean on the southern tip of Florida, the city corners the Everglades National Park to the west. With about 6 million residents, there are 33 cities in the surrounding area. If you’re considering a move, it’s important to have a good understanding of the area.
Miami housing costs
Rent prices in Miami have seen a large increase in the last few months. The average cost of rent for a one-bedroom apartment in Miami comes in at around $2,700 per month. Keep in mind that it also includes the exclusive and wealthy neighborhoods found in the area and isn’t an indicator of what you’ll pay for a home or an apartment for one person. You can expect the top part of this range to cost you above $4,000, but there are also several neighborhoods where you can find costs under $2,000. You can also check out condo rentals as well, which may be a great option if you’re looking for an affordable housing option.
How do I find affordable apartments for rent in Miami?
Finding a cheap apartment in Miami can be a challenge. Luckily there’s a constant influx of rentals for apartments and condominiums. With many renters tending to look for affordable apartments in the downtown area, this may be a struggle, but it’s still possible.
You can expand your search, and you’re much more likely to find a cheap apartment. Trying out a different neighborhood close to your dream one may save you hundreds of dollars per month. You should also consider whether or not the area you’re looking in is within a flood plain. These areas may be more expensive due to the apartment owner’s cost of flood insurance, increasing rental rates significantly.
What is the cheapest rent in Miami?
There are plenty of cheap rentals in the Miami area if you know where to look. The best way to find a cheap apartment or house is to learn the area and find out which neighborhoods you would be comfortable living in that are less expensive. Below are the most affordable neighborhoods in Miami:
Popular Miami neighborhoods
Depending on your needs, your options for neighborhoods may vary. What a single person and a family are looking for may be drastically different. Here are some of the popular Miami neighborhoods you can consider in your search:
- Miami Beach. Living in Miami Beach is more expensive than in other areas due to the demand for rentals. It’s also the beach, which can cause prices to increase.
- Brickell. Think of Brickell as the Manhattan of the Miami area. You’ll find shopping, bars, and plenty of restaurants surrounded by business centers and high-rises.
- Coconut Grove. This neighborhood is an older Miami area that is also located on the water. You’ll find a lot of live music, beautiful art, and culture.
- Pinecrest. This suburban area has excellent school districts, gardens, and farmers’ markets.
No matter where you decide to settle, Miami has the option for affordable rental options. Narrow down your checklist and factor in your needs when deciding on a neighborhood. If you’re commuting, you may need to factor in the cost of transportation. There’s public transportation, including buses and taxis. Automobile insurance is slightly higher than other areas of the U.S. due to traffic, weather, and other factors.
Utility costs in Miami
Comparing your utility costs is also an essential part of living in a new city. When compared to other parts of the country, the cost of living in South Florida may seem high for utilities. If you’re moving from a land-locked state, remember that the need for air conditioning in the area is high. You can expect an average monthly energy bill of around $180 per month. Your phone bill may cost you about $200 per month, while internet service will come in around $90.
Transportation costs in Miami
Residents of Miami are fortunate that the public transportation system is expansive. The Miami Metromover system operates in downtown Miami and is free to all riders. The Metromover system makes stops at many popular Downtown Miami destinations including American Airlines Arena. If you’re looking to use pubic transportation throughout the Miami metropolitan area, the Metrorail and Metrobus are available for just $2.25 for a one-way fare. Monthly passes are also available.
Miami healthcare costs
Healthcare costs are an important factor to consider in determining your cost of living. The average monthly health insurance premium for an individual living in Florida is $456. Top healthcare companies in Florida include Florida Blue, Health First, and Ambetter.
Recommended salary and job industry in Miami
The average base salary in Miami, Florida is $67,000. Popular employers in Miami include University of Miami, Royal Caribbean Cruise Line, World Fuel Services, and Norwegian Cruise Line. The cruising and hospitality industries are popular in Miami particularly due to the fact that Miami is a top vacation destination. To determine your recommended salary, you will need to identify the cost of your housing and other monthly expenses such as food costs, utilities, and cost of entertainment. Given the rise of rent prices in Miami, it’s recommended that you earn at least $70,000 annually.
Other factors and costs to consider
There’s more to consider when moving to a new city than the cost of living. While the average cost of living in Miami may be higher than in other parts of the country, the tax rate is slightly lower, and property taxes are also quite affordable. You’ll also find that you won’t have to pay any state income tax. Miami offers a job market that isn’t jam-packed with other people looking for a job. There are several schools in the city, one of which is the fourth largest in the nation. The endless activities in the city are sure to pique at least one of your interests.
FAQ’s: Cost of living in Miami
How do rent prices in Orlando compare to Miami?
Orlando rent is cheaper than Miami in comparison. The average rent cost of a 1-bedroom apartment in Orlando is $1,680 per month. The average cost of a 2-bedroom apartment is $1,930.
How do rent prices in Fort Lauderdale compare to Miami?
The average rent for a 1-bedroom apartment in Fort Lauderdale, FL is higher than Orlando, coming in at $1,960 per month. A 2-bedroom apartment will average $3,000 monthly.
What are the top affordable activities in Miami?
Congratulations on your exciting move to the beachside city of Miami. You’re sure to find something that fits your needs. If you can come with a budget based on your income and factor in your monthly costs, Miami will be a great city with an affordable cost of living. If Miami is a bit out of your budget, there are plenty of surrounding cities that may work for you. Explore the cost of living in Florida and browse some of its more affordable beach towns to find the right fit.
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