Miami is a vibrant city that attracts many newcomers every year. Affordable costs of living in Miami, tropical climate, cosmopolitan spirit and sunny beaches are a dream of many Americans. If you decided to move there, you should know that relocating to Florida is the best thing you can do. Miami is a great place to live in and has something for everybody. But before you start to pack your bags, you have to know which are the costs of living in Miami. And ask yourself can you afford them?
Average costs of living in Miami
Researching average costs in the city for utilities, renting or buying a property, food, transportation, activities that interest you, is a good start. You can find much reliable information online that can help you see the bigger picture.
Find as many informative tips for moving to Miami that you can.
Still, you should be aware that this way you can make a very rough estimate of your monthly expenditures in Miami.
Costs of living in Miami are particular is especially hard to pinpoint, because rents vary wildly from one part of town to another. That also goes for the prices of activities, restaurants, and bars. Like in any other town, the more exclusive neighborhoods mean more monthly costs.
More reasonable costs of groceries, transportation, health care and utilities help level out the costs of living in Miami.
If you are looking to move to the sunny parts of the country, then Florida is a wiser choice than California, in the financial sense.
The cost of housing will be your highest living expense in Miami. The average apartment in Miami rents for about $2,660 per month. You can find a one-bedroom apartment rent for $2,025 per month.
If you have a tighter budget, then you should consider neighborhoods that are a bit farther from the downtown, but still great. In some neighborhoods, you can easily find a rental for $1,000 per month.
The further you go from the center, the prices will be lower. If commute doesn’t bother you then you should really consider those locations.
Since the climate is tropical, you will save a lot of money during the winter months.
Summer is a different story. Average daytime highs in July and August exceed 90 degrees, and the humidity is also at the very high level. That means that having an air conditioning is a necessity.
Running your air conditioning can boost up the price of monthly utilities. You will need around 150$ per month for utilities for a 1,000 square-foot apartment. The bill is higher during the summer and lower during the winter, but that is an average amount.
Nevertheless, when you count everything, costs of living in Miami regarding the utilities are still much lower than in the other American countries.
Prices of groceries in Miami are slightly higher than in the other cities.
If you cook at home, a healthy diet will cost you about $100 per week or less.
For those who like to dine out, the costs are higher. You can expect to pay around $15 for a meal at an inexpensive restaurant. A three-course meal for two at a mid-range restaurant should cost you around $75.
Considering how many of the country’s oranges are grown in Florida, it’s a paradox that they are more expensive than in the other towns. For example, a pound of oranges in Miami is an around $2, while in Colorado Springs is $1.39 and in Tulsa just $0.89.
The prices of food maybe seem higher than in other countries, but there are many local markets where you can buy fruit and vegetables at much lower prices than the ones in the supermarkets.
How much money will you spend on getting around Miami depends on your mode of transportation.
The biggest cost for car drivers is insurance. Traffic in Miami can be a little wild and fast, so that’s the reason why prices of the car insurance are well above the national average. Gas prices are similar to other towns in the USA.
Since there is a lot of tourist in Miami, taxis are expensive. Fortunately, its cheaper version Uber is present in Miami and it’s the favorite form of transportation of the residents.
If you purchase a monthly unlimited bus pass, that will set you off for $112.50, while the one-way bus ticket costs $2.25.
Sports and Leisure
The statistic shows that sports activities in Miami are cheaper than the national average.
A monthly fee for one adult in the fitness club is around $40.
If you like to rent a tennis court, you will have to pay $19.60 per hour. Price of the one adult cinema ticket for international release is $13.
The good thing about living in Miami is that you can be active outdoors, for free. The beach is just within your reach, and you can swim in the sea, run on the beach or do yoga on the sand.
In Miami, there are many opportunities for high paying jobs in the city, since numerous large corporations are located here. There is always a need for skilled workers, especially for financial controllers and lawyers. Financial controllers can expect a median salary of $80,274 and lawyers $76,982. These jobs have the highest median salaries in Miami.
Of course, the important factor affecting salaries is years of experience. When we take that into consideration, we can say that Miami is a great place for college graduates to find jobs, and also can be lucrative for a long-term career.
Taxes are something that will certainly lower your costs of living in Miami. Florida is a low-tax state, and that is why many choose it as a place to spend their retirement.
If you are planning to move to Miami, you should know that you will have to pay a 7% sales tax, which includes the 6% statewide sales tax and a 1% Miami-Dade County sales tax.
The great news is that Miami residents don’t pay any state or local income taxes. That means, that you’ll only have to worry about federal income taxes. That’s a big financial win that will decrease your monthly costs significantly.