Miami Living Cost, is it too expensive in 2023?
Living in Miami is one of the most expensive ideas because it is the second least affordable city in America. If one is planning to do so, they must know that from housing to education, they are going to pay a lot more than their existing city.
Having a huge difference from the national average, the expense will be higher compared to many popular cities. Only living in Dallas, TX is less affordable than this one. Below, one will find details information illustrated in my expert research.
Specifically in 2023, Miami’s living cost is 18% higher than the national average. Moreover, people will have to bear 39% more in housing and 15% more in food. Besides, transportation in the nation is 6% less expensive than in this city. Only the utility expense will be 1% less comparatively.
Miami Living Cost
Widely known as the city of magic, Miami is one of the most beautiful cities in the United States. With a large white silvered building and a clean blue sea with milk-white waves, it is a magical illustration of the creator. It seems like a picture-perfect place in any fantasy land.
The city of Miami which is a coastal metropolis is situated in south Florida. With a population of 439,890, this city is the most populated in this country. Also, it is highly known for its largest international business profile. Since it is so close to the sea with a coastal area, the availability of business opportunities is huge.
Because of its tremendous beauty and work opportunities, many people want to move to this city and live here on a permanent basis. However, moving to another country is a big step to take. Leaving behind the old life, job, and habitat is not a simple thing.
Moreover, setting up in a new place required so much courage and research. Because the new one will not have the same weather, expenses, or salary range, and almost nothing will match. So, one must find out or know, whether their income is good enough to lead a comfortable life.
Let’s see the scenario of living costs in Miami and operate for the different factors of living. It will help one decide on whether they should move to this beautiful city or not.
First, let’s see the living cost index provided by the government for the past few years. We will be illustrating the data by giving a break of six months. So that the readers can analyze the data easily which will be less confusing.
According to BLS, the living cost of this city in the middle of 2019 was 1.9% higher compared to the beginning of this year. After six months it start going lower by 1.4% and then in the middle of 2020, it was only 0.7% comparatively.
However, from the start of 2021, it start rising, and back then it was 1.4%. Leaving no time to get amused and people to prepare for coping with the situation, the price hiked to 9.8% in 2022 and 10.7 in the June of 2022. If we compare the price between 2019 and 2022, it is an unbelievable rise in living expenses in Miami.
If one is planning to move, one must know that the living cost here is 18% higher than the national average. US news stated that it is the 2nd most expensive city and 22nd in quality of life to live in. However, if one is earning well then it will not be an issue for them to bear those expenses.
Before discussing the average income of a person in this city let’s demonstrate the living cost in parts. Calculating the living cost section by section will help people to decide their individual costs. Because the cost of living in Miami will be different for individual families and people.
Accommodation and Utilities cost in Miami
When one moves to another country or city, the first concern and the most expensive is accommodation or housing. It is the first thing one needs, a roof over the head. For the people who are planning to move to Miami and find a house to live in, it is a piece of bad news for them that the housing here is 38% more than the national average.
Among all the increased values we were talking about, housing is the highest. Even though there is some neighborhood here that is affordable, finding a house here is like winning a world war. The high demand for accommodation in the less expensive areas makes it harder to find one when is needed.
According to the Miami government, the house price of a different type will be,
| Single Room | 0 BR | 1 BR | 2 BR | 3 BR | 4 BR | 5 BR | 6 BR | |
| Standard Rent | $958 | $1,278 | $1,465 | $1,839 | $2,442 | $2,894 | $3,328 | $3,762 |
That means, if one wants to stay in a single room in a shared apartment, it will cost around $958. However, for a single-person studio apartment or a couple, it will be $1278 or more depending on the area.
The rent will increase with every addition of square feet or bedroom. For example, a flat of one bedroom rent is $1465 and a house or apartment of 6 bedrooms will be $3762, three times more than the first one.
In case one does not want to stay in a rented house but wants to buy their own, it will be quite an idea. However, with the rent, the price of houses here is higher than in other cities. The estimate given by the CENS US will help understand the scenario.
According to them the median price of a house will be at least $310,700. Based on location and luxury level, it will be 10x or 20x more than this. Because buying a house here is 58% more expensive than nationwide.
With the rent and the mortgage of brought apartment or property, one will have to pay utility bills every month. It includes gas, electricity, water, and so on. The good thing is, utility bills here are 1% lower than the national average.
Specifically, a family of one will be billed at least $110 and 4 people will use utilities of $180 on average. Depending on the gadget and the usability of those resources, the estimate can be lower or higher.
Transportation costs in Miami
One of the benefits of living in a country like America is the well-organized and well-constructed public transport. When we are talking about the most populated and busy city in this country, transportation cost is a concern. According to Buru of labor statistics, this is increasing every year by 0.8% or more than 1%.
Moreover, in the Miami Beach area, there is a free trolley service. One can travel in this to maintain its schedule. Many people choose to drive their own car and do not want to run on public transport schedule.
In that case, the transportation cost will be completely different. Also, it will depend on individual users. As of the illustration of the transport government, the cost will be,
So, if one is planning to use public transport, they will have to buy tickets for $130 monthly for one person. People owning a car may cost $404 and with two cars it can be $808 or more or less.
However, one of the saddest issues of Miami is the traffic which is seriously bad and time-consuming. During office hours, this jam becomes miles of long that it took hours to reach the destination. Mainly in metropolitan areas, the scenario becomes worse that cars do not even move for minutes.
That is why most people prefer public transport during busy hours. It is fast and not so expensive to bear. Besides, people living in less crowded areas can use cycles or just walk to reach the nearby workplace. This practice is both healthy and costs zero.
Prices of Foods and daily necessities in Miami
Sadly, food cost in Miami is 15% higher than the national average. From the daily groceries to eating outside is expensive. According to the government, the food price is increased by around 9% in a couple of years. So, the price of individual necessities of a household is,
| Groceries | Price |
| Milk (1 gallon) | $4.26 |
| Loaf of Fresh White Bread (1 lb) | $2.93 |
| Rice (white), (1 lb) | $2.53 |
| Eggs (regular) (12) | $4.52 |
| Local Cheese (1 lb) | $5.08 |
| Chicken Fillets (1 lb) | $6.94 |
| Beef Round (1 lb) | $6.51 |
| Apples (1 lb) | $2.79 |
| Banana (1 lb) | $0.89 |
| Oranges (1 lb) | $2.01 |
| Tomato (1 lb) | $2.36 |
| Potato (1 lb) | $1.44 |
| Onion (1 lb) | $1.43 |
| Lettuce (1 head) | $1.95 |
| Water (1.5-liter bottle) | $1.82 |
Among the daily necessities list, the protein items will cost the most. Besides, all the other things are quite affordable. People maintaining a proper diet will have to buy some extra groceries. However, the bills or expenses for this area can increase dramatically depending on the food habit of an individual or a family.
They will have to create a chart of needs against their salary. So that they can spend less but buy properly to maintain a healthy diet. Moreover, the shopping place for groceries also has a great impact on the overall price. That is why buying from a less expensive shop with less money is always preferable.
How much it will cost to live in Miami for one person?
We already discussed the basic and important expenses of Miami in a different area. Now we can calculate the expenses in a different way. As for a person, the living cost will be less compared to a family. He or she can manage their life here as they want without having any knot.
Moreover, the expense of living here per month will be
| Cost of living | One person |
| Total with rent | $2729 |
| Without rent | $894 |
| Rent & Utilities | $1835 |
| Food | $609 |
| Transport | $142 |
If we look at the accommodation calculation above, a person can choose either a shared single room or a studio apartment. Based on their choice of housing, there will be a huge difference in the total cost. We have guessed an overall range which is $2729 in total. Including rent and utilities $1835 and another cost in that price range.
In some months they may expense a few more on clothing, entertainment, and other areas. So, it is not possible to say for sure.
Cost of living for a family in Miami
Living in Miami, Florida with a family of 4 will be unpredictable. Per month cost of living here will depend on many things. Such as type of accommodation, area of the house, food habits, education cost, and so on.
As with the expense of one person we calculated it is unpredictable for a family too. A family may spend less than others or more. However, we have designed a simple range ignoring the extra cost.
| Cost of living | Family of 4 |
| Total with rent | $6028 |
| Without rent | $2861 |
| Rent & Utilities | $3168 |
| Food | $1596 |
| Transport | $362 |
It will be $6028 per month in total and $2861 without rent and utilities. If the family has children then there will be an extra charge for childcare which will be around $900 and education cost around $1500 or more.
What will be the expense per month for an international student in Miami?
For an international student, the living cost will be close to the cost we estimated for one person. But there is some fact such as the type of the university, and whether the student is on scholarship or not. Some of the university offers on-campus hall and dining. In that case, it will vary from university to university.
Moreover, if the student is not a scholarship holder then there will be a big tuition fee he or she will have to pay. So, if any of the readers is an international student, we will request to use the raw data above and find the statistic of cost from their university to calculate the overall scenario.
Is the average earning in Miami going to cover the living cost?
Analyzing the income of one expertise area based on cities and calculating the living cost against it is important. By this one will know how well they are going to live in that country with their family.
Though the average income in this city is $68300, it will highly vary based on different occupations and experience levels. Let’s see the basic presentation by official authorities based on AreaMedian Income (AMI)
| Family Size | 30% of AMI | 50% of AMI | 80% of AMI |
| 1 | $20,500 | $34,150 | $54,600 |
| 2 | $23,400 | $39,000 | $62,400 |
| 3 | $26,350 | $43,900 | $70,200 |
| 4 | $29,250 | $48,750 | $78,000 |
| 5 | $32,470 | $52,650 | $84,250 |
| 6 | $37,190 | $56,550 | $90,500 |
| 7 | $41,910 | $60,450 | $96,750 |
| 8 | $46,630 | $64,350 | $103,000 |
Using the information in the table above, one can now make a guess or calculate properly what will be the scenario with them. If they fall into 30% of AMI, it is better not to move to Miami. The decision will be suitable and preferable with 80% of AMI income.
Miami’s expenses of living Vs other popular cities in America
We have mentioned that Miami, Florida is the second most expensive city in the United States. This statement itself closes the statement of this question. Because whichever city we pick will be more affordable than this one.
However, to get some idea about the difference, let’s get a comparison between the popular city and Miami’sliving costs.
As we can see San Francisco, California 74.5%, and Washington DC will be 44.5% more affordable. If we look at the most famous city NYC, Miami is 68.9% more expensive to live in than New York. However, living in Dallas, Texas will be 14.2% more expensive than this city.
This part of the discussion will help the mover decide on cities rather than Miami. We hope for the best life for everyone and the best place where they can live a comfortable life with their family.
