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Everything You Need to Know About Cost of Living in Miami, FL

Updated: Nov 30, 2023

Miami's allure is undeniable. Endless sunshine, a vibrant cultural scene, and a laid-back lifestyle. Yet, those dreaming of a life in a Florida city must face a tricky question...

How heavy is the financial burden? The cost of making Miami your home extends far beyond the search for a cozy abode. It's a puzzle of various expenses — how much you'll shell out for transportation, food, other routine costs, and housing itself.

Maintaining a lifestyle in Miami has demanded deeper pockets. Just over the past year, total expenses have increased by nearly 4%.

According to data from, the cost of life in Miami overshoots the American average by about 15.5%. It touches the price of more than just housing costs.

Miami keeps drawing new people, thanks to its mix of Cuban culture, great art, delicious food, and top-notch hotels. But Miami is more than a scenic getaway. Miami is growing at an incredible rate and is important for international business and trade.

For those plotting a move to Miami, grasping the full scope of expenses is critical. The financial journey involves more than the real estate market. Healthcare costs, grocery bills, and taxes also come into play. This guide aims to offer clarity on these aspects, equipping you with a realistic picture of the cost of living in Miami.

Loans in Miami, FL

Living in Miami often involves balancing high living costs with the city's enticing lifestyle. This financial juggling act can sometimes lead to expenses surpassing income. Many Miami residents seek financial assistance through loans, be they students or working professionals.

Local banks and credit unions are popular choices. Familiar with the financial nuances of the area, these institutions often provide more personalized services. They understand the unique challenges of living in a city where the cost of living is higher than the national average, from groceries to healthcare.

For those who prefer fast decisions and digital convenience, there are plenty of online loans in Miami available today as a promising alternative. One notable option is the 1F Cash Advance, which is renowned for assisting with online and offline payday loans.

They act as a loan connecting service, sending your loan request to multiple lenders simultaneously. They work only with direct lenders who provide loans to a range of borrowers, including people with bad credit histories.

You can use a free online website to calculate the cost of a loan. Specify the loan amount, term, interest rate, and APR. You can see the approximate loan cost then.

  • Online lenders usually charge from $10 to $30 for every $100 borrowed.

  • Loans in local banks have APR starting from ~10%, but they are usually harder to get.

Average Cost of Living in Miami - Brief Overview

Living expenses are a variable factor, heavily dependent on your monthly income and everyday spending habits.

  • The Cost of Living in Miami is 21% higher than the national average.

  • Housing Costs: 47% above the national average.

  • Rent for Average Apartment: ~$2,350.

  • Utility prices: 1% more than the national average.

  • Monthly Costs for a Family: Around $4,400.

Miami's cost of living may seem more manageable for those relocating from larger cities, but it could be a step up for those from smaller towns.

Average Income and Job Market

When considering a move to Miami, ponder if the median income suits your lifestyle or if living with a roommate to share costs is a better option.

  • Average Individual Income in Miami: ~$34,300.

  • Average Individual Income in the USA: ~$37,650.

  • The Median Household Income: ~$48,000.

The Miami job market is vibrant, hosting the city's largest hospital and the world's busiest tourist seaport. Major employment sectors are:

  • Sales Industry: 20.5%.

  • Management Jobs: 19.8%.

  • Office/Administration Roles: 13.4%.

  • Food Service Positions: 13.1%.

  • Cleaning/Maintenance Work: 11.5%.

  • Construction Field: 9.9%.

  • Transportation Sector: 7.2%.

  • Healthcare Jobs: 4.6%.

Miami-Dade County's unemployment rate is an impressive 2%, below the national figure of 3.6%. However, Miami's concerning poverty rate stands at 20.9%.

Real Estate Market - Mortgage Rates, Prices, Insurance

The surge in population has led to rising rent and home prices, with properties often selling at or above the listed price. Weigh the location against your financial capacity when house hunting.

The latest data shows that homeownership and renting rates are similar.

Homeowners insurance in Miami is fraught with challenges. The city's susceptibility to natural disasters, along with broader economic issues, has led to a crisis in the insurance industry. This situation forces many to turn to Citizens Insurance for coverage.

Renting in Miami is expensive. The average rent for an apartment is well above the national average. Neighborhoods like Brickell and Miami Design District command the highest rents. The ongoing housing shortage in Miami further complicates the rental market.

  • Median Home Value in Miami (Dec 2022): ~$455,000 with a noted decline in new home constructions and permits.

  • 30-Year Mortgage Interest Rate (Dec 2022): 6.36%.

  • Average Rent for 900 Square-Foot Apartments: ~$2,500 per month.

  • Average Cost of Home Insurance: $3,600 per year.

Real Estate Asking Price Statistics for February 2023

  • Overall Median Sold Price: ~$665,000.

  • 3-Bedroom Homes Median Price: $675,000.

  • Total Homes Listed: 55,779.

  • Homes Sold Count: 619.

  • Average Market Duration: 57 Days.

Average Utilities Bills

  • Monthly Utilities Estimate: ~$100 - $200 for essential services.

  • Energy Bill Average: ~$175 monthly.

  • Phone Bill Average: ~$190 monthly.

Additionally, garbage collection is a required expense for Miami homeowners. It is separate from the utility bill.

  • Garbage Collection Fee: ~$485 per year.

Internet costs are also a factor, with EarthLink and AT&T being prominent providers.

  • EarthLink Monthly Cost: From $49.95.

  • AT&T Monthly Cost: From $55. It's wise to allocate a slightly higher budget for utilities than expected.

Common Food and Groceries Prices

When you live in Miami, you learn fast that food costs more. Whether it's grabbing a burger or stocking up on veggies, it's a bigger slice of your budget.

  • Grocery Costs: ~7.5% above the national average.

  • Estimated Monthly Food Spending: ~$600.

  • Daily Food Spending: ~$30.

  • Per Person Food Cost: ~$15.

  • Dinner for Two in a Mid-Range Restaurant: from $70, without alcohol.

Average prices for common grocery products:

  • Loaf of Bread: ~$3.5.

  • A gallon of Milk: ~$4.4.

  • Carton of Eggs (12): ~$5.

  • Bunch of Bananas: ~$4.

  • Hamburger: ~$6.15.

Healthcare Price

Healthcare in Miami is 5% lower than the national average.

  • Prescription Drugs: ~$435.

  • Common Visit to a Doctor: ~$120.

  • Common Visit to a Dentist: ~$105.

  • Common Visit to Optometrist: ~$115.

  • Common Veterinary Visit: ~$65.5.

  • Ibuprofen: ~$12.


The Metrobus and Metrorail are the foundation of public transportation. They connect major areas across Miami City. Miami International Airport provides many transportation services as well.

Renting a car can be a practical choice for those looking to explore the breadth of Miami's attractions. For the city center, walking and biking remain popular and efficient means of transport.

  • Metrorail cost per trip: ~$2.25.

  • 1-Month Pass for the Metrobus: ~$115.

  • Rent a Car: from $100 a week.

  • Rent a Bike: ~$30-$50.

  • Taxi: meters start at $2.50.

  • Public Trolley: free!

Vehicle Price, Gasoline and Car Insurance

Vehicle prices in Miami are steadily increasing, mirroring the upward trend seen in the housing market.

  • Average New Car Price: ~$50,000.

  • Average Non-Luxury Car Price: ~$44,500.

  • Used Vehicle Price: ~$29,500.

  • Gas Prices:

  • Fort Lauderdale, FL: ~$3,7.

  • Miami-Dade County, FL: ~$3,75.

Traffic also adds to the challenge of owning a car. Drivers in Miami spend nearly an hour in traffic each day. The average commute time is over 28 minutes one way, surpassing the national average.

Car insurance is not just a legal requirement in Florida but also a necessity, given the high accident rates. The average cost for full coverage in Miami is notably higher than the national average.

  • Car Insurance in Florida is a MUST.

  • The state's no-fault system mandates personal injury protection (PIP).

  • Over 20% of Florida drivers are uninsured.

  • The Average Annual Cost for Full Coverage: ~$3,500.

  • The Average Annual Cost for Minimal Coverage: ~$1,200.


Many families heading to another country or city forget about education expenses. The public school system in Miami is the country's 4th largest.

The University of Miami also contributes to the city's educational appeal. Here's what it costs to study there:

  • Tuition (undergraduates, all living situations): ~$58,500.

  • Mandatory fees: ~$1,850.

  • Accommodation and meals:

  • On campus: ~$22,500.

  • Off-campus/University Village: ~$23,000.

  • Living with family: ~$9,500.

  • Books: ~$1,350.

  • Personal expenses: ~$3,700.

  • Transportation: ~$2,000.

  • Loan fees: ~$50-$500.

The yearly total cost varies:

  • On campus: ~$90,000.

  • Off-campus or University Village: ~$95,000.

  • With family: ~$76,500.


Miami offers a multitude of fun activities to all tastes.

Beaches. Beaches are a major attraction in Miami. Pick any, from the family-friendly shores of Key Biscayne to the energetic vibes of South Beach.

The Miami Design District.

This unique neighborhood celebrates Miami's rich arts, architecture, and culture. Wander through shops featuring local artists' work, dine-in restaurants, and visit galleries showcasing unique pieces.

The Perez Art Museum. It's a cultural gem with an entry fee of $16 for adults plus discounts for children and seniors.

Tour the Vizcaya Museum and Gardens. This 1914 architectural wonder built by James Deering includes 10 acres of stunning gardens.

Experience Wynwood Walls. Also known as the Urban Graffiti Art Museum Miami, this outdoor museum showcases vibrant graffiti art, offering a unique visual feast.

The Cost of Living in Miami, FL - Bottom Line

Before moving, consider if you can handle the cost of living in Miami. Compare prices to other cities in South Florida; examine the state average.

Settling in Miami, FL, often means adapting to its higher cost of living.

This Sunshine State hotspot requires careful financial planning, especially the housing, transportation, taxes, and education costs.

Is Miami Expensive to Live?

Living in Miami is expensive. Everything from groceries to gasoline has a lifted price tag.

How Expensive is Miami Housing?

Housing is extremely expensive in Miami. Renting an average apartment will cost you ~$2,500 per month.

What Salary Do You Need to Live Comfortably in Miami?

Everyone defines comfort differently. $4,000-$6,000 a month should be sufficient for everyday spending and occasional entertainment.

Is It Cheaper to Live in Miami or Los Angeles?

Rent and real estate prices in LA typically exceed those in Miami.

What is The Minimum Wage in Miami?

The minimum wage rate in Florida state was $11.00 per hour in 2022.

By ML staff. Images courtesy of webdataguide.

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