Cost of Living in Miami

Cost of Living in Miami

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    Are you looking for the cost of living in Miami per month? Well, this is what you need!

    Miami is not just famous as a tourist destination but also for its hidden magic in the culture and its nightlife. Therefore, locals, tourists, and the best neighborhoods in Miami called this place The Magic City. However, all this magic has a high cost of living compared to other cities in Florida.

    But you can feel relaxed in the case of its tax benefits. If you are a businessman, you may get a tax exemption. Also, transportation is spread over the city, which allows you to travel the entire city.

    So, more interesting facts about the cost of living in Miami are below. These are all the latest updates you can rely on.

    Cost of Living in Miami

    How much money do you need to live comfortably in Miami?

    Before telling you the exact costs, we want to share that the one-bedroom price in Miami is about $2,000. Similarly, the essential worth of food for a month will be $400.

    In addition, the transportation department will charge $150 a month to travel to Miami. Also, you have to consider several essential costs. So, the whole thing comes under the cost of living, which is why you need about $3,500 per month to live comfortably in Miami.

    Is Miami an expensive city to live in?

    Yes! If you want to live a lavish and extraordinary life with all the facilities, Miami, a Floridian city, is what you must choose. It has higher housing demands, making it more expensive to live in. Similarly, the cost of transportation, food, utilities, and other living things are higher than in other places in Florida.

    On top of that, Miami is an appealing tourist destination for everyone, where many tourists visit during March and May. It opens the gates of happiness to explore some exotic beaches. Also, the cost of living in Miami beach is higher than the US national average.

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    Cost of Living in Miami

    Floridian City, Miami, is a tourist destination that helps Florida to gain income. Similarly, most tourists visit to take a chill pill from their busy working schedules. Due to higher taxes and other higher costs, it has become an expensive place to live. Also, we will discuss the housing rates in the following article.

    1. Housing in Miami

    The Miami housing rate is 142.7%, higher than the US national average of 100%. Likewise, house prices in Florida state are much lower at 102.6% only.

    Housing in Miami

    The above pricing differences are the common reason why most people are moving to Fla but not to Miami. The average home prices are touching the sky. However, you can look at the table below to compare prices.

      Housing Categories  Main City Miami Housing rateMiami Beach Housing rateCoral Gables Housing rateCoral Springs Housing rateDavie Housing rate
    One Bedroom$369.2k +$272.1k +$260k +$123k +$175k
    Two Bedrooms$550k +$580k +$435k +$155k +$290k
    Three Bedrooms$847.6k +$1.6m +$878k +$359.9k +$530k
    More than three Bedrooms$978.3k +$2.1m +$975k +$589.9 k +$1.2 m +

    Table References –

    For Miami City –

    For Miami Beach –

    For Coral Gables –

    For Coral Springs –

    The prices are taken from and However, the costs can be expected to increase or decrease depending on the prices per sqft. So, before you crack a deal, confirm the prices twice or thrice, as it is one of the most important factors regarding the cost of living in Miami beach and other areas.

    Is housing expensive in Miami?

    Yes! According to the Miami real estate market, housing prices rise rapidly. Miami-Dade County’s housing prices for a family of a single person boosted by 9.7% in April 2022. The housing price before April was only $515,000. However, it increased to $565,000 in April.

    Similarly, the prices have been increasing in Broward county since June. Therefore, the median house prices start from $375,088. The prices were less by 17.2% in the last year in Miami.

    2. Miami Bedroom Rent

    According to the Florida realtors, Miami is the no.1 city with the highest rent in history, with an increase of 22.7%. Therefore, Miami became a higher-rented city in Florida for residents and relocators.

    Bedroom Rent
    Categories of RentAverage Rent Prices
    Two bedrooms$3,400
    Three bedrooms$3,900
    More than three bedrooms$5,500

    Table Reference –

    The above rent prices were reported in May 2022. Therefore, you may have to deal with the latest prices when you visit Miami. And don’t forget that the rent prices are rising. However, the good news is that you can find some best offers in a few areas to get affordable monthly rent. So, hurry up, or else the prices can rise.

    Is rent expensive in Miami?

    Yes! Although the home prices are higher in Miami, finding a 1 bedroom, two-bedroom, or three-bedrooms apartment is the best option. According to a report in July 2022, the average rent price is $2,307. Similarly, the average apartment size starts from 887 sq. ft.

    Why is Rent in Miami so expensive?

    A real estate data provider, CoreLogic, says that the robust job markets and supply shortages control the rent prices in Miami. Therefore, it is expected that the rent for the family of a single person will rise during the year.

    3. Grocery Cost in Miami

    The US National Average for the cost of groceries is lower than that of Florida state, which has a rate of 102.8%. Therefore, grocery rates in Miami are also higher than the national average and the Floridian grocery rate, which is 107.3%.

    Grocery Cost

    The following table will show you the prices of other essentials. However, increasing these prices is possible, which can affect your monthly living cost in Miami.

    Essential GroceriesPrices
    Milk (1 Ltr.)$1.12
    Rice (1 Kg)$5.57
    Eggs (Regular 12)$4.03
    Chicken Filets (1 Kg)$16.81
    Fruits (Apples & Bananas)$5.73 kg & $1.94 kg
    Veggies (Tomato)$4.96

    Table References –

    What is the most popular grocery store in Florida?

    The most popular grocery store in Florida is Publix. It is the most preferred grocery store by customers in Florida and America. Most Florida residents and American residents shop here for the groceries they want. The headquarters is situated in Lakeland, Florida.

    How much are groceries in Miami?

    The cost of food is essential when discussing the cost of living in Miami. So, when it comes to food or groceries, a single person may have to pay $376.29 per month for groceries. Also, the loaf bread cost is higher, starting from $4 in Miami.

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    4. Miami Utility Cost

    The utility rate in Miami of 95.5% is less than the US national average of 100%. Similarly, the utility cost in Florida of 101.3% is more than in Miami. Therefore, the average cost of living in Florida is more than in Miami.

    Utility Cost

    Housing and utilities are essential while calculating the cost of living. People can easily estimate the cost of housing under the cost of living. However, the utilities can affect your calculation.

    Internet Service (50 – 1,000 Mbps)$24.99+ per month
    Landlines Telephone Services$0 – $9.99+
    Energy10.7 cents
    Fuel (Avg. per gallon)$3.640
    Water (For a family of four)$72.93
    Heating Oil (Per gallon)$4.01

    Table Resources –

    For Internet –

    For Telephone –

    For Energy –

    For Fuel –

    For Water –

    For Heating Oil –

    Besides that, if you see other cities like New York, the costs will be more than the cost of utilities in Miami. If you compare the cost of living in Miami vs New York, you can easily find the significant differences.

    What are utilities in Florida?

    Knowing the same utilities can help you count the prices.So, the Florida utilities mean a blend of essentials. It includes gas, internet service, telephone bills, electricity, water, garbage collection, healing oil, etc.

    Is electricity expensive in Miami?

    No! The electricity prices in Miami are lower than in other Florida cities, making it suitable. In 2019, the price of electricity was 10.7 cents per kWh only. Similarly, last November, the cost of utilities increased, and residents paid only 11.9 cents, which was not a big deal. However, it is expected to increase electricity bill prices due to soaring South Florida temperatures.

    5. Health Costs in Miami

    In the case of Healthcare, you can relax in both Miami and Florida. The Healthcare in Miami and Florida is less than the US national average. Florida has a healthcare rate of 98%, whereas Healthcare in Miami is about 98.8%. Therefore, you can easily find affordable Healthcare in Miami.

    Health cost in Miami

    In Miami, the insurance cost is the same for the people living in Miami. However, students can get medical insurance at affordable prices depending on the schemes they choose. As a result, the cost of living in Miami for students can be fewer.

    The regular cost of essentials is stated below in the table.

    Essential HealthcarePrices
    Medication (Rx Drug)$488.54
    Insurance (per person)$273 to $409
    House Doctors Visit$122.77
    Dentist Visit$104.98
    Veterinary Visit$55.74

    Table Resources –

    For Medication, House doctor, Dentist visit, Veterinary visit –

    For Insurance –

    How much does health insurance cost for 1 person in Florida?

    People living in Florida, including out-of-state students, can get benefits in the case of Healthcare. It is considered that Healthcare in Florida has better services with doctors, hospitals, and insurance services. Therefore, the Florida insurance cost is affordable because you have to pay only $467 per person for medical health insurance.

    Does Miami have good Healthcare?

    Yes! Miami is exceptionally significant for a living if you ignore the high cost of living in Miami. Also, you will get excellent healthcare services of outstanding quality in hospitals. In addition, you can get the medical care service recognized by the nation. Plus, the pharmacies are well developed to get all types of medicines quickly.

    6. Tax Rates in Miami

    The city of Miami comes under the Florida state. Therefore, the taxes implied in Florida automatically applied in Miami. Miami charges a total of 7% tax rates on the residents. Plus, you don’t need to pay the charges of GST as it is considered in Sales tax.

    Tax Rates in Miami
    Taxes in MiamiTax Rates
    Property Tax1.02%
    Income Tax5.5%
    Sales tax6%

    Table Resources –

    For Property tax

    For Income tax

    For Sales tax

    How much is taxes in Miami?

    Miami is a city in Florida but is also counted as Miami-Dade County. Therefore, it has a combined rate of Sales and Use Tax of 7% only. The 6% of sales tax and 1% of discretionary county surtax are also included in the taxes.

    Is Miami tax-free?

    Not exactly! The owners of business organizations can benefit from taxes. The business owners don’t need to pay the Local corporate income taxes, State personal income taxes, and Property taxes on business inventories.

    Despite that, they are also safe from paying other taxes, such as limited partnership property tax, property tax on goods in transportation for up to 180 days, etc.

    7. Miami Public Transportation

    The transportation cost in Miami is 144.5%, higher than the US national average of 100. Similarly, the cost of transportation in Florida is 112.6%, which is less than in Miami. It clearly states that transportation can be an issue for you to live in Miami. But actually, it is not!

    Miami Public Transportation

    You can easily cover most attractions options due to its affordable prices and exploring environmental sights. Also, this transportation can easily save you from that so-called traffic tension and parking issues. And imagine if your children are taking education from Miami, so the cost of living in Miami for students will be low due to low transportation. How wonderful is that!

    But, there is a disadvantage too. You must pay 95 cents to transfer the Metrobus and Metrorail to the express Metrobus.

    Transportation in MiamiPrices
    Public Transportation$2.25 per way
    Private Transportation (Metered Fares)$4.50 (first 1.6 miles) $0.40 each (after 1.6 miles))
    VIP Transportation (Car Service)$89

    Table Resources –

    Public Transportation  –

    Private Transportation –

    VIP Transportation –

    What  transportation is used in Miami?

    The cost of living in Miami is affordable for most people, and one of the main reasons behind it is its transportation cost. However, you can quickly reduce the cost of transportation by choosing Metrorail, Metromover, and Metrobus to roam around Miami.

    How much is transportation in Miami?

    The Metrorail or Metrobus will charge you $2.25 each way for an abroad trip. Similarly, the charges can be increased up to 5.56% to collect a pass for one day only. However, the transformers of Metrorail and Metrobus are free to use. You can easily use them to visit one attraction or another.

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    8. Restaurants in Miami

    The biggest cities in Florida don’t have such affordable restaurant prices as Miami. You can easily find some budget-friendly restaurants in Miami to spend your special evening, anniversaries, or birthday parties.

    Restaurants in Miami

    Although the cost of living in Miami is higher, the restaurant costs are affordable for its residents. Similarly, some restaurants offer food at an affordable price, where you can eat comfortably. In addition, there are some famous dishes in Miami to serve with a few classic and modern drinks to make your dining fantastic.

    The hospitality services in restaurants in Miami are excellent, from serving water to the dessert you will eat at the end of dining. They also offer delivery and takeover services for every customer to make them feel comfortable.

    The following table has five budget-friendly restaurants in Miami to eat at and spend time making your evening special.

    Affordable RestaurantsAddressesDishesFamous FoodPrice Range
    Enriqueta’s Sandwich Shop186 NE 29th St, Miami, Florida – 33137Cuban Dines, Pan Con Bistec,Pork Sandwich, etc.Cuban Bread, Guava & Cheese pies, etc.  Under $7
    El Palacio De Los Jugos5721 W Flagler St, Miami, Florida – 33144Latin American DishesArroz Imperial, Maduros, Steak Sandwich, etc.Starting from $1.20
    Karla Bakery6476 W Flagler St, Miami, Florida – 33144Cuban DishesCuban Sandwiches, Cuban Pastries, Desserts, etc.$1.50 to $9 and more

    Table Resources –

    Enriueta’s Sandwich Shop  –

    El Palacio De Los Jugos –

    Karla Bakery –

    What is the most popular restaurant in Miami?

    Michael’s Genuine is among the most famous restaurants in Miami. It is renowned for serving food and drinks at affordable prices and offers fresh seasonal ingredients.

    You will be welcomed with a smile and the fragrance of the most delicious dishes prepared in the kitchen.  At last, you will find a home-like feeling at this restaurant.

    Is food and drink expensive in Miami?

    Not exactly! The average cost of food in Miami is $33 only. Despite that, travelers once said that you would need only $13 to spend for an average meal if you are in Miami. On top of that, you can easily find the best services even at the middle restaurants in Miami.

    9. Miscellaneous Cost

    We have included the cost of movie tickets, clothing, a pair of running shoes, fitness club, and domestic beer prices in the miscellaneous items. The following table will show you the average costs in Miami for those things.

    Miscellaneous Cost Miami

    A recent study shows that average people living in Miami need more than $160 per day to live happily in Miami. The cost is calculated on the average daily expenses most people do in Miami, such as $33 for meals, a combined transportation cost of $32, etc.

    Plus, if you compare the cost of living in Miami vs New York, these costs will look much more affordable.

    Miscellaneous thingsAverage Prices
    International MovieTicket (For one person)$14.50
    Clothing (Pair of Levis 501 Jeans)$46.62
    Running shoe pairs (Nike)$79.67
    Sports Fitness Club (Monthly fee for an adult)$41.06
    Domestic Beer (0.5 liter draught)$6.00

    Table Resources –

    How much does the average person spend in Miami?

    An average person spends $2,000 per month on rent, which increases the cost of living in Miami. Therefore, to survive in Miami, an average person must have an income of at least $4,277.86 after tax.


    Undoubtedly, Miami is a beautiful city with fantastic nightlife, the best areas, long beaches to relax, etc. This place is no less than a wonder for many tourists.

    However, talking about the cost of living in Miami can disappoint you if you want to relocate. Plus, residents are choosing South Florida to move to because of its high cost of living.

    But the fact is that the cost of living in Miami per month can be reduced to a specific limit. If you consider the transportation and utility costs, these are almost low. You can use metros to visit your favorite attractions and schools. Despite that, the healthcare is excellent with their services, and these three reasons can quickly help you decide to move to Miami.

    Lastly, you can also look into the surrounding cities and Miami in this article with other essential costs. So, before anything else, read this article and watch the prices you are searching for. We hope this article will prove helpful to you and you will find a place to move to in Miami.

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