Cost of living in Miami, Florida

As you already know, there are many things that you need to take into account when moving to a new city. You need to worry about the items you will pack, where you will live and how to get there. However, probably one of the most important things that you need to take into account is the cost of living in a city. This can vary by a huge margin throughout the United States, let alone the world. For example, the costs of storage Miami Beach are not the same as they are in New York. So, when you are moving to Miami, Florida, then the natural thing would be to look into the cost of living in Miami. In this article, you can find out everything you need to know about it.

What the cost of living in Miami actually means?

There is a chance that you have never run into the expression “cost of living”. Maybe you are one of the many Miami college students whose parents took care of finance for them. Or you are finally ready to leave your home and start living on your own.

A house and money.
Cost of living in Miami is an important factor when moving.

So, what actually is the cost of living? Well, usually, this is the amount of money you will need in order to get yourself some basic things – such as housing, food, taxes and healthcare. People will use the cost of living to compare cities when looking into where to move to, or just to compare them for some reason. Usually, the cost of living in Miami (and other cities) is tied to how much you will earn. Simply, if things are expensive in a city, then the salaries will get high as well.

Cost of living in Miami matters when moving

What are the reasons one would be moving to Miami? Well, the first thing that pops into mind are amazing beaches that are basically everywhere, fantastic food and nice people. And, of course, the cost of living is important – but it’s usually not the primary reason that will make you move somewhere. You will take many things into consideration. The climate, the politics, the diversity, and cuisine, whether or not your friends and family are nearby, what New York to Florida movers you will work with and similar things play a huge part in your decision.

However, taking the cost of living in Miami into consideration is important, too. However, the way you live will reflect upon who you are on some level. If you want good schools nearby, then you will probably need to pay more for them. The money you earn will also influence the way you think, however little it may be. The places you visit will also depend on it. So, if you want to find people who are similar to you, then you will go to the places with similar income to yours – and the places that can support your lifestyle.

Saving money.
You will need to think about saving money.

What’s more, you will want to live somewhere where you can improve yourself. Sadly, you cannot do that without saving some money from your paycheck each month. And if the cost of living in Miami doesn’t allow that, then maybe you should not look to settle here. So, without further ado, let’s dive deep into how much does it really cost to live in Miami.

Rental prices in Miami

When you are moving to Miami, the first thing you will want to know to know, of course, is the cost of rent and real estate. However, this can often be hard to pinpoint. Miami is a diverse city – and the real estate prices are diverse as well! You have neighborhoods like South Beach, Coconut Grove and Brickell which can often be called posh, and have pretty high rents. On the other hand, you will find Overtown and Liberty City. Although the rents here are low, there is a high crime rate that comes with them too. For this reason, a lot of people will pull them off their lists at the beginning.

When it comes to the actual numbers, the average apartment rent in Miami was $1,819 in the Fall of 2018. This might seem like quite a large number for a lot of people. However, keep in mind that the average includes the extremely high rents of some neighborhoods, which pushes it into the high end of the spectrum. There are a lot of neighborhoods that will offer monthly rents for under $1,000, so you can find a place for yourself with ease.

Utilities in Miami vary as well

You might not be thinking about utilities when moving, but this is a big mistake. Just like the rents in Miami can change from a neighborhood to neighborhood, so do the utility bills change throughout time. There is a huge advantage to the cost of living in Miami – winters are pretty warm here. You will almost never be tempted to turn on the heat. However, what can cause difficulties is running your air conditioning during the summer – which is often a must! With the daytime high temperature often hitting 90 degrees, you will find it hard to live without it.

Utilities are part of the cost of living in Miami
Utilities are always important!

Because of this, you can often get a utility bill that’s over $200 per month. This really depends on how big your home is, but if you have a 1,000 square-foot place, then the average is usually around $150 each month. Of course, this varies from season to season – it will be higher in the summer and lower over winter.

Smaller things that influence the cost of living in Miami

Finally, let’s take a quick look at two important facets of your life in Miami – the food and transportation. We already mentioned just how fantastic the food in the city is – well, there is a cost to that. The costs tend to be a little higher than what you will find in the rest of the United States. For example, a gallon of milk costs $3.70, while you will find a load of bread for $2.66. If you prepare your meals at home, you can do so for around $100 per week, but eating out will cost you more.

Getting around Miami can be pretty hard – and it will influence the cost of living in Miami as well. If you have your car, then the biggest cost will be the insurance you pay. This is because Miami traffic is horrifying, and the crime rate is often a concern. Of course, the gas prices are higher than in the majority of the nation, too. If you choose to take a bus, then the ticket to downtown Miami will cost you $2.25, while the monthly bus pass is $112.50.