Are you planning to travel to Miami? If so, make sure you consider the cost of living in Miami first. Miami is a cosmopolitan city, and you need to know everything about it to enjoy life there.
Cost of Living in Miami: General Overview
The living cost in Miami falls into several categories: education, housing, food, transportation, utilities, and other expenses. Next, I will give you a general overview of the cost of living in Miami, FL.
| Item | Fee |
|---|---|
| Housing | $ 2000-$ 663,587 per month |
| Meal | $ 200 – $ 450 per month |
| Transpotaion | $ 112 – $ 200 per month |
| Utilities | $ 100 – $ 200 per month |
| Daily Life | $ 50 – $ 200 per month |
| Education | $14,000-$ 60,000 per year |
Cost of Living in Miami
🏡Housing in Miami
House prices often occupy a large part of a person’s living cost in Miami, but also one of the most concerned topics. I will give you a taste of what buying and renting in Miami is like.
Purchase houses
| House type | Price |
|---|---|
| Price per Square Meter to Buy Apartment in City Centre | $6,504.08 |
| Price per Square Meter to Buy Apartment Outside of Centre | $3,967.57 |
Renting houses
| House type | Price |
|---|---|
| Apartment (1 bedroom) in City Centre | $2,823.55 |
| Apartment (1 bedroom) Outside of Centre | $2,154.86 |
| Apartment (3 bedrooms) in City Centre | $5,414.57 |
| Apartment (3 bedrooms) Outside of Centre | $4,127.42 |
On-campus
We will explain the cost of on-campus accommodation at the university, but it may vary depending on the size and type of accommodation. To apply for a dormitory and to find out the specific dormitory fees, please check the university’s official website.
| University | On-campus housing rent (dollar/year) |
|---|---|
| University of Miami | $10,540 – $26,440 |
| Florida International University | $ 8,403 – $13,674 |
Off-campus
Although the on-campus dormitory will be very convenient for students, the number of university dormitories is limited and can not accommodate all students. If you cannot apply for a dormitory or do not want to live on campus, you can consider renting off campus. The specific rent can be detailed on the uhomes.com.
| House type | Price |
|---|---|
| Single Room | $1,694/month |
| Shared Room | $1,227/month |
| Studio | $2,088/month |
| 1B | $2,563/month |
| 2B | $3,161/month |
| 3B | $4,522/month |
| 4B | $2,164/month |
🍝Meal
Dining out
Diet is a big part of people’s life. The food cost in Miami will also be an area you need to consider. As a famous international metropolis, Miami has a wide variety of cuisines and numerous famous restaurants. Eating out has become a necessary life activity. If you are on a small budget, you want to eat at a cheap restaurant. A meal at a cheap restaurant costs about $25. If you want to dine out with friends, a three-course order at a mid-priced restaurant costs $100.
Eat at home
Cooking at home can save a lot of food cost in miami. Food prices in Miami are not very high relative to national food prices, they are in the middle of the pack. Affordable and healthy food will also bring you joy. I will list some food prices to help you set a reasonable budget.
| Food | Price |
|---|---|
| Eggs (regular) (12) | $4.01 |
| Local Cheese (1 lb) | $6.75 |
| Chicken Fillets (1 lb) | $5.49 |
| Beef Round (1 lb) (or Equivalent Back Leg Red Meat) | $7.62 |
| Tomato (1 lb) | $2.23 |
| Potato (1 lb) | $1.14 |
🚄Transport
Transportation costs are also a big factor in the cost of living. You can’t get around without transportation, and here I will introduce you to the transportation costs of living in Miami.
| Vehicle | Price |
|---|---|
| Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new | $28,418 |
| 1 liter (1/4 gallon) of gas | $1.02 |
| Monthly ticket public transport | $126 |
| Taxi trip on a business day, basic tariff, 8 km. (5 miles) | $16 |
| a new car in Miami in 2024 | $48,389 |
| a used car | $25,571 |
| Full car insurance | $4,459 |
| minimum coverage averaging | $1,418 |
| Brightline high-speed rail system | $50-$200 |
| Metrorail | $2.25-$5.65 |
| Metromover | Free |
| Tri-Rail | $8.75-$17.50 |
Car
Car prices are skyrocketing in the United States these days, and that certainly includes Miami. According to a Kelley Blue Book report, the average price of a new car in Miami in 2024 will be $48,389, and the average price of a used car will be $25,571.
At the same time, consider the cost of car insurance if you’re considering buying a car. The average price of full car insurance in Miami is $4,459 per year, with minimum coverage averaging $1,418 annually.
Brightline high-speed rail system
The Brightline high-speed rail system connects Miami with Orlando, West Palm Beach, Boca Raton, Fort Lauderdale and Aventura. If you buy 10 tickets at a fixed price, it will offer discounts and discount fares.
Metrorail
There are 23 stations at Miami International Airport, Civic Center, Downtown Miami and Jackson Memorial Hospital. The subway runs from 5 a.m. to midnight seven days a week. The standard fare is $2.25 one-way and $5.65 for a one-day pass. You can pay with the EASY Card, EASY Ticket or the GO Miami-Dade Transit mobile app.
Metromover
Metromover provides free service and operates daily in downtown Miami and the Brickell area. There are 21 stations, of which you can take it directly to Miami-Dade College. A car arrives every 90 seconds during peak hours and every 3 minutes during off-peak hours.
Tri-Rail
Tri-Rail will take you to other South Florida communities in Broward and Palm Beach County. The standard charge is $8.75 one way or $17.50 round trip. Passengers can purchase paper tickets or pay with the EASY card.
📠Utility
Miami’s utilities have many aspects, among which rent can vary depending on the size of the apartment. It would also be a significant expense. It is worth mentioning that uhomes.com offers student housing, and the rent already includes utilities. This not only simplifies the payment process for students but also saves them cost of living in Miami.
| Utilities (Monthly) | Price |
|---|---|
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment | $162.41 |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | $60.38 |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | $62.55 |
🎡Daily Life
In addition to the above expenses, there are other expenses in daily life. This part of the consumption depends on the individual’s lifestyle. I’ll break this category into three sections: sports & leisure, apparel, and healthcare.
Sports & Leisure
| Events | Price |
|---|---|
| Fitness Club, Monthly Fee for 1 Adult | $70.31 |
| Tennis Court Rent (1 Hour on Weekend) | $23.38 |
| Cinema, 1 Seat | $15.00 |
| Yoga | $23.88 |
| Haircut | $21.35 |
| Beauty salon | $87.94 |
| Dry cleaning | $18.76 |
Apparel
| Events | Price |
|---|---|
| 1 Pair of Jeans (Levis 501 Or Similar) | $50.47 |
| 1 Summer Dress in a Chain Store (Zara, H&M, …) | $51.36 |
| 1 Pair of Nike Running Shoes (Mid-Range) | $81.67 |
| 1 Pair of Men Leather Business Shoes | $95.83 |
Healthcare
| Events | Price |
|---|---|
| Doctor’s Visit | $192.84 |
| Dentist Visit | $108.55 |
| Optometrist Visit | $120.01 |
| Rx Drug | $336.40 |
| Veterinary Visit | $72.75 |
🎓Education
Education expenditure is one of the expenses that families pay more attention to. We’ll show you how much the education component will cost in Miami.
| School | Tution(dollar/year) |
|---|---|
| Kindergarten | $14,000-$20,000 |
| Primary School | $17,000-$44,000 |
| Junior high school | $19,000-$47,000 |
| Senior high school | $16,000-$50,000 |
| University | $8,000-$60,000 |
If you are a student who wants to study in Miami, you definitely need to know the tuition fees. University of Miami and Florida International University are two famous universities in Miami. I will give you a general reference according to the data of the school website.
| University | In-State Student Tuition (dollar/year) | Out-of-State Student Tuition (dollar/year) | International Student Tuition (dollar/year) |
|---|---|---|---|
| University of Miami | Undergraduate $ 60,720 | Undergraduate $ 60,720 | Undergraduate $ 60,720 |
| Graduate $ 53,130 | Graduate $ 53,130 | Graduate $ 53,130 | |
| Florida International University | Undergraduate $ 6,168 | Undergraduate $ 18,566 | Undergraduate $ 18,967.75 |
| Graduate $ 8,202 | Graduate $ 18,030 | Graduate $ 15,818 |
The tuition we offer is for new students and does not include the cost of meals, accommodation, or related courses. The full cost can be checked on the official website of the school.
Affordable Places to Live in Miami
Renting in Miami should focus on more than just the facilities inside the apartment and whether the decoration meets your requirements. You also need to know what the various neighborhoods in Miami are like. A neighborhood’s situation often influences your experience of living there. I will introduce you affordable places to live in Miami.
Coconut Grove - $2,275/ month
This is a lovely and popular community, home to artists and writers. Coconut Grove is beautiful and quiet, making it ideal for walking. If you are patient, you can find lower-priced apartments in this neighborhood.
Kendall - $1,501-$2,800/ month
Kendall is a comfortable suburb, perfect for people who like peace. At the same time, it is one of the safest neighbourhoods in Miami, and according to crime statistics, it is 54 per cent safer than the rest of Florida. Who wouldn’t be tempted by such safe and affordable places to live in Miami?
Little Havana - $2,400/ month
Little Havana is the centre of Cuban culture in Miami, showing its multicultural character. There are plenty of good bars and restaurants where you can enjoy Miami food on the go. Such affordable places to live in Miami are perfect for people who want to live on a budget.
Suburbs - $2,000/ month
Most apartment rents in Miami have one thing in common: the farther you are from the city centre and the beach, the cheaper the rent. If you are okay with a long commute or are on a low budget, you can rent in a neighbourhood like this.
The Salary Needed to Live in Miami
With an in-depth look at the cost of living in Miami, how much money do you need to make to live happily in Miami? Let’s assume this: You spend $2,000 monthly on rent, $400 on food, $130 on utilities, and $150 on transportation. Add it all up, meaning you must earn about $2,680 monthly to live on. If you don’t have a job or are still in school, you can use this information to reference your budget of the living cost in Miami and prepare yourself for life in Miami.
Money Saving Tips
- Share Expenses with a Roommate
If you want to save even more money on rent, then you can look for roommates to share the rent with you. That way, you may even choose to live in a nicer, more desirable neighbourhood because your rent burden is less.
- Be a Wise Grocery Shopper
During your first few days in Miami, you can take some time to fully understand the prices of grocery items near your apartment. You can shop around and buy affordable products in these stores to meet your daily needs, thus greatly saving your cost of living in Miami.
- Enjoy Free and Discounted Entertainment
For those on a budget, museums and various parks and zoos will be good places. You can get free passes to 14 museums and cultural attractions through the Miami-Dade Public Library System! In addition, many museums and other things to do in Miami offer the public free or discounted weekly or monthly viewing.
- Choose Public Transit or Biking Over Driving
As I said before, driving in Miami can be a good option. You need to understand Miami’s transportation system to find the most suitable mode of transportation for you.
Conclusion
Miami is a city of beauty, economy, and academics. If you are visiting for the first time and want to have a pleasant life experience here, you must know about Miami in advance. Hopefully, this article on the cost of living in Miami will help you establish a proper budget and adjust quickly to life in Miami.
FAQ
Is it expensive to live in Miami?
Yes, Miami is more expensive than the national average. As of June 2024, Bankrate reports that the cost of living in Miami is 15.4% higher than the national average. Although the cost of living in Miami is more expensive, it is still relatively cheap compared to some major cities in the United States.
Is Miami or NYC more expensive?
The cost of living in New York is more expensive. As the most developed large city in the United States, New York is more expensive to live in. In Miami, Florida, you would need about $8,095.1 to maintain your standard of living in New York, New York, on $11,000.0 (assuming you rent in both cities).
Is Miami or LA cheaper?
Miami has a lower cost of living. While both cities offer many world-class amenities, you can enjoy the Miami lifestyle for less money. Overall, the cost of living in Miami is about 21% lower than in Los Angeles. As a result, the cost of living in Miami is lower.
