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An Overview To The Cost Of Living In Miami

May 14, 2024 •

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Miami is the city that everyone sings and raps about, even if it is pricey. So, what is it about this sunny city that inspires Pitbull, Will Smith, Jimmy Buffet, and Jennifer Lopez? Miami is one of the most popular cities in Florida. The city wraps up all melting pots, with cultures from Central and South America, the Caribbean, and many other places infusing the city’s character. With such diversity and beautiful weather, it’s no surprise that the Miami metro area is home to 6.2 million people. But how much is the cost of living in Miami? While the Living Cost In Miami, FI is higher than the national average (by 17.1 per cent), prices have dropped in a couple of categories over the last year, namely transportation and housing.

Based on these benefits, you might expect the cost of living In Miami, particularly the average rent, to be exorbitant. The average cost of living in Miami per month ranges from £2,176 to £1956 depending on your lifestyle and how you budget. In this guide, we will discuss some general numbers so that you can get an idea about the living cost in Miami.

Cost Of Living Calculator

Weekly Cost of Accommodation (£): 100 Weekly Cost of Transport (£): 50 Weekly Cost of Utilities (£): 30 Weekly Cost of Food (£): 70 Number of Weeks Staying:

Description	Cost (£)
Total Cost of Accommodation	100
Total Cost of Transport	50
Total Cost of Utilities	30
Total Cost of Food	70
Total Estimated Cost	250

Overview Of Cost Of Living Miami

Let’s look at the average annual cost of living in Miami for international students, taking into account things like tuition, travel, dining out, groceries, and so on. The tables that follow show the estimated living cost for students based on various expenses.

Particulars	Cost (Monthly)
Off-Campus Accommodation	$980
On-Campus Accommodation	$760
Transportation	$111
Food Cost	$380
Utility Cost	$135
Entertainment	$60
Groceries	$48
Clothes	$162
Total Cost of Living with Off Campus Accommodation	$2,176
Total Cost of Living with On Campus Accommodation	$1,956
Annual Cost of Living	$26,111

Accommodation Costs In Miami

When deciding to relocate to a new city, it’s critical to consider the average rental price in that city, as rent is likely to be your largest monthly expense. Although Miami has some affordable neighbourhoods, there are many others with expensive housing units. While the overall cost of living in Miami is 17.1% higher than the national average, the average rent price is a whopping 39.4% higher than the national average. You can expect to pay around $2,176 per month for a one-bedroom apartment, and sometimes even more for studio apartments! The good news is that the housing rate has dropped by 2.65%.

Food Costs In Miami

Depending on the type of foods you buy (organic, meats, name brand products) and the amount you require, grocery bills can significantly raise the cost of living in Miami. A single person obviously requires less than a family of four, and renters who entertain require more than those who do not. Groceries will also be less expensive in Miami’s most affordable areas. Overall, the cost of groceries in Miami is 20.7 per cent higher than the national average, a 3% increase from the previous year.

Transportation Costs In Miami

Transportation is another factor that can raise your overall cost of living. Miami residents are fortunate to have a well-developed public transportation system. The Miami Metromover system is free to all riders and operates in downtown Miami. Many popular Downtown Miami destinations, including American Airlines Arena, are served by the Metromover system. If you want to use public transportation throughout the Miami metropolitan area, the Metrorail and Metrobus are only $2.25 one-way. There are also monthly passes available.

Healthcare Costs In Miami

Healthcare costs are a significant factor in determining your cost of living. The average monthly health insurance premium for a Florida resident is $456. Florida Blue, Health First, and Ambetter are among the top healthcare providers in the state. In Miami and surrounding cities, estimated monthly healthcare costs are 4.1 per cent higher than nationally.

Utility Costs In Miami

Comparing utility costs is also an important part of settling into a new city. When compared to other parts of the country, the cost of utilities in South Florida may appear to be high. If you’re moving from a landlocked state, keep in mind that the area has a high demand for air conditioning. An average monthly energy bill of around $180 is to be expected. Your phone bill could be around $200 per month, while internet service could be around $90.

Final Thoughts

If you want to live in a city that is fun, vibrant, exciting, and beautiful, there is no better place to look than Miami. The city has several schools, one of which is the fourth largest in the country. The city’s endless activities are sure to pique at least one of your interests. These costs of living in Miami data will assist you in better managing your money and spending less in the city.

FAQs

1. Is the cost of living in Miami considered high?

The cost of living in Miami, Florida is 21% higher than the national average. The cost of living in any area can vary depending on factors such as your occupation, the average salary, and the local real estate market.

2. How much does the average Miami resident spend on rent?

The average renter pays $2,000 per month, raising the cost of living in Miami. As a result, in order to survive in Miami, the average person must earn at least $4,277.86 after taxes.

3. What kind of transportation is used in Miami?

Most people can afford to live in Miami, and one of the main reasons for this is the low cost of transportation. However, you can quickly cut transportation costs by using Metrorail, Metromover, and Metrobus to get around Miami.