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Miami Living Costs: Important Info to Know

July 26, 2020
There's no denying that Miami is a desirable city to live in. The sunny weather here alone is enough for one to move here in the spot! They don't call Florida the 'Sunshine State' for nothing! One of the main reasons why college kids go here for spring break and senior citizens decide to retire here is because of the warm climate, which is practically rare on the East Coast. Then there's the diverse culture, the lively lifestyle, the many attractions, and more. But while there are so many great reasons to live in Miami, at what cost will this take? Here's the breakdown.

Miami Living Costs: Important Info to Know

 

Costs of Renting in Miami

As already mentioned, Miami is one of the most desirable cities to live in. So it makes sense that renting an apartment here will already be quite pricey. But don't worry! They're not as high as the likes of renting in New York or LA. While in the latter cities, rent would cost an arm and a leg, her in Miami, the maximum price for a one-bedroom is $2,400.00 a month. Meanwhile, for a third-bedroom apartment, the maximum price is $4,625.00 a month. Though both still high, they're pretty manageable considering the city you're in. Though it may also depend on the Miami neighborhood where the apartment is located. 

 

Costs of Buying Property in Miami

Now, buying a property in Miami is a completely different story. In this sunny paradise, a square meter will already coast you thousands of dollars. And since the average size of a Miami apartment is more or less 800 to 1,000 square meters, expect your total price to be hundreds of thousands of dollars. To be more specific, the median price per square meter for an apartment in the city center is $4,546.41. Meanwhile, the median price per square meter for an apartment along the outskirts of the city costs $2,763.22. Pretty expensive but a worthy investment nonetheless! 

 

Miami Living Costs: Important Info to Know

 

Utilities Costs

At the very least, the utilities costs in Miami aren't that high. In total, you'll only have to pay between $100.00 to $280.58 per month for electricity, water, heating, garbage disposal, and more. Considering you have to pay thousands for renting an apartment and hundreds of thousands—possibly even millions of dollars!—to buy your own property in the city, paying a maximum of $280.58 for basic necessities isn't too bad! Add to that your internet WiFi, which has become a basic necessity as well, which costs around $40.00 to $100.00 per month. It's still not bad and very much manageable! 

 

Food Costs

Do you know what's also surprisingly cheap in Miami? Groceries! A trip to the store will cost you a median average total of $110.20, consisting of practically everything you need in terms of food and drink. This includes a liter of milk, a 1.5 liter of water, 500 grams of bread, a dozen eggs, and one kilogram each of different fruits, vegetables, and meats. That total even accounts for alcohol and cigarettes as well. And with that, even if you shop at least once a week, that'd only make for a total of $440.80 per month. Still not bad, right? 

 

Miami Living Costs: Important Info to Know

 

Dining Costs

Dining isn't all that different as well. Though the amount you spend per meal depends on not only the type of place you go to but also the food you order. Main courses and exotic dishes are likely to be more expensive, possibly even more so than your total grocery expenses. However, going for the more middle-class restaurants and fast food places won't cost you more than $100.00 per meal. For instance, paying a three-course meal for two people would only cost around $50.00 to $120.00. This means going out on a date in Miami is practically as expensive as going grocery shopping. 

 

Transportation Costs

Arguably one of the best things about Miami is its urban lifestyle. Because of this, the city's public transport systems are very efficient. One can take a bus, train, or taxi and he/she can still reach his/her destination on time. Though, as with any other city in the world, Miami still experiences a traffic jam or two each day. Still, if you for public transport here, it will only cost you less than $143.86. This price is the total of one-ride tickets and a monthly pass for unlimited access. While buying a car here would cost you between $19,322.00 to $25,000.00. 

 

Miami Living Costs: Important Info to Know

 

Leisure Costs

Paying for leisure in Miami also isn't as expensive. Well, it depends on where you go, of course! However, for the standard leisure expenses, from gym memberships to movie tickets, those costs rarely reach a hundred bucks. Perhaps one of the only times you have to pay $100 for a leisurely activity is investing in a gym membership, which can go as high as $150.00 in a swanky Miami gym or fitness club. If you want to rent a court for tennis, on the other hand, the maximum price for such is only $30.00. And going to a movie? $20.00 is the most you'll pay for! 

 

Clothing Costs

An entire wardrobe in Miami si more or less $268.83. But this includes pieces from well-known high-street brands, a pair of new trainers from sportswear labels such as Nike, Adidas, Puma, and the like. And, of course, a new pair of heels for the ladies or fine leather shoes for the gentlemen. Factoring all these elements, it's safe to say that $268.83 isn't that outrageous of a total cost. The great thing is you might even find a lot of great fashion pieces in Miami that would cost less than the aforementioned amount. 

 

Childcare and Education Costs

Miami schools are some of the finest in the city. So it makes sense that investing in the education of your children would cost high. But before you cry about breaking the bank, think about how much your own kids will benefit from such investments. Even though enrolling your child in a private pre-school or prestigious kindergarten would cost you a median price of $824.40, focus on how much advanced he/she will be when he/she starts primary school. And on that note, going for a private institution will cost around $12,000.00-32,000.00.00. If all else fails, public school is always free! 

 

Miami Living Costs: Important Info to Know

 

The truth of the matter is you can't avoid spending a lot to stay and sustain a lifestyle in a fine city like Miami. Though always remember that whatever you spend on, it will always be a wise investment and necessary for your living in one of the best cities in the world! 


If you're able to live in Miami, there's a big chance you're probably well of anyways! And in that case, go for a Miami luxury rental for your place here! Now, this is a worthy investment indeed!




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