Miami

Miami is one of the most desirable places in the world to live in and visit. People from the U.S. and from all around the world are moving here, which is why we need to talk about the cost of living here. With a population of more than 450000 residents, Miami is well-known for its beautiful sandy beaches, miraculous weather, and very pleasant residents. When compared to the rest of the U.S., Miami is around 20 percent more affordable than New York City. One of the main reasons why people are moving here, besides the vacation atmosphere, is the fact that Florida is a no-tax state. This world-class city is famous for its residents, restaurants, great schools, nightlife, etc.

However, Miami is also known for being a very important business hub. If you are thinking about moving to Miami, and want to learn about the cost of living here, check out the following text below.

The Cost of Living in Miami

Accommodation

In recent years, the average cost for a home in Miami has skyrocketed due to the fact that many folks decided to move here during Covid-19. Now, the average home price goes to around  $470000. And we mustn’t forget about home insurance which is considered a must here. Of course, renting is cheaper than purchasing a home, and the average cost of renting an apartment here is  $2000 per month. Also, this cost is not universal, meaning that you will have to pay more in certain parts of the town depending on the safety, location, and numerous other factors. However, we must mention that the size of apartments here is very small.

Food

When it comes to food costs, a single person in Miami will have to pay around $375 while the price of groceries is more than 10 percent higher than the national average, which is why you need to take enough time to think about is it actually worth it moving here. For example, if you plan on moving with a big family and multiple members of the family have jobs, the food prices won’t have that big of an impact on your budget.

Utilities

However, you’ll be pleased to know that the price of utilities in Miami is very, very low. The average utility cost for an average apartment, including gas, electricity, water, and trash, will cost you around $140 per person. Also, Florida has the least expensive water cost in the entire country, so the average monthly cost for water is about $6.

Transportation

We have to inform you that you will definitely need a car if you decide to move to Miami simply because of the fact that more than 91 percent of residents use a car as a means of transportation. However, you can still use public transportation since it serves all the major areas, including entertainment, shopping, and cultural centers. Bus rides usually start at about $2.25 per trip, and we recommend using Easy Ticket. The daily parking fee will cost you about $4.50, while the one-month pass is $112.50.