Officially known as the City of Miami, it is the cultural and economic hub of South Florida. The cost of living in Miami, Florida, is 14% higher than the national average. This figure could vary between areas of the city based on median income and real estate prices.
Living in Miami is quite expensive, with monthly expenses being above $2,500. A recent data analysis of 75 of the largest US cities put San Francisco at the top of the list. Miami still ranked high. The city surpassed all other Florida cities on the list, plus four major California cities.
Job Seekers Living in Miami
Unless a massive nest egg funds you, Miami is not great for the unemployed. Unemployment benefits in the city are at most $275 weekly. This amount cannot provide a barebones lifestyle in the city, living with roommates, ramen noodles at every meal, and no car.
Another issue with being a job seeker here is that its corporate base is widespread. Even if you get employed quickly, it is hard to tell ahead of time if your daily commute will be to Broward County, Aventura, or Coral Gables, which are separated by hours.
Break Down, Cost of Living in Miami
The average apartment size is 891 sq. ft in Miami, while rent is $1,679 monthly. The apartment sizes depend on the unit type for both cheap and luxury options. The most affordable are studio apartments, while two and 3-bedroom apartments come at a heftier price.
Neighborhoods also impact prices. The most affordable include Palmer Lake – Mia Station, Mays Gardens, and Calistoga Estate – West Miler Heights. These locations have rents that average $944, $1,031, $1,224 per month, respectively. Other excellent deals can be found at Kendale Lakes Center, Deer Creek – San Pedro Estates, and Crestview Lakes, all averaging $1,224 monthly.
If you are looking for top-tier neighborhoods, check out Midtown – Edgewater, Brickell, and Brickell Key. They do come at a price, $2,125, $2,196 and $2,471 respectively. Upper East Side is the most popular area in the city with an average monthly rent of $2,026 according to 9 verified RENTCafé listings.
Cheaper, popular locations include Allapattah ($1,577) and Little Havana ($1,854). Little Haiti ($2,023) and Overtown ($1,629) are also great choices for people looking for popular neighborhoods.
The average cost of utilities monthly for one person in a 915sq. ft flat is $130. This figure is 10% and 5% cheaper than Tampa and Jacksonville, respectively. Since the weather is warm and humid, you could need air conditioning during Summer. Fortunately, the electricity rate is 13% lower than the national average.
Food costs in Miami, Florida, slightly exceed the national average. A loaf of bread costs $3, a gallon of milk $4, and a pound of chicken breast is about $5. To maintain a healthy, satisfying diet, residents will need about $100 weekly. Sustaining yourself on this amount will eliminate eating out. A meal in an affordable restaurant is about $15.
A major city such as Miami has an extensive public transport system accessible to all residents. Buses operate along numerous routes at an average one-way ticket fare of $2.25. In parts of the metropolis, you can use trolleys for free. Metrorail is another great option at only $2.25.