Last Updated: 16.04.2023
by Rinas Bullatovci
Average Cost of Living in Miami in 2023
Miami is a thriving metropolis known for its lively cultural scene, stunning beaches, and unparalleled nightlife. However, before making the decision to relocate to Miami permanently, it’s essential to take into account the city’s cost of living. We invite you to read.
Key Takeaways: March 2023 Data
✓ For a family of four, the estimated monthly costs, excluding rent, are approximately $4,513.6, while for a single person, the estimated monthly costs, excluding rent, are around $1,240.7.
✓ The average rent in Miami increased by 25% as of March 2023, from $3,393 in 2022 to $4,233. (Rentometer)
✓ Miami's cost of living exceeds the national average by 21%.
✓ In Miami, prices have risen almost 3% from last year, with the most significant increases observed in transportation, food, and housing. Furthermore, the cost of living in Miami is 11.6% higher than the national average.(Bankrate)
✓ Miami's median home price in March 2023 increased by 6.1% from the previous year, selling at $525K. Homes in Miami spent an average of 71 days on the market, which is three days longer than last year. 407 homes were sold in Miami, a decrease from 904 homes sold during the same period last year.(Redfin)
✓ Over the bi-monthly period from February to March, the food index showed a 0.6 percent increase, driven by a 3.4-percent rise in the food away from home index. However, the food at home index experienced a decline of 0.6 percent during the same period. (BLS)
✓ Miami's median household income stands at $47,860. (Rentcafe)
Section 01
Average Cost of Housing in Miami
Section 02
Average Cost of Transportation in Miami
Section 03
Average Cost of Groceries in Miami
Section 04
Average Cost of Utilities in Miami
Section 05
Average Cost of Healthcare and Taxes in Miami
Section 06
Average Cost of Studying in Miami
Section
01
Average Cost of Housing in Miami
Miami ranks as the second-most unaffordable city to reside in the United States. Presently, the cost of living in Miami surpasses that of Los Angeles and is only marginally more reasonable than that of New York City. Start reading to learn about the average cost of housing in Miami.
The typical expenses for homeownership in Miami come to around $2,653 monthly.
This is equivalent to an annual cost of $31,836.
The average home price is $488,447.
The mortgage rate is 3.09%.
The average rent in Miami increased by 25% to reach $4,233 from its previous value of $3,393.
The expense of renting varies based on numerous factors, including size, quality, and location.
A one-bedroom apartment's median rental price is $1,622.
The median rent for a two-bedroom apartment in Miami is $2,150.
This represents an increase of 8.7% over the past year and is 4.0% higher than the national average.
Out of all households in Miami, FL, 127,075 or 70% are occupied by renters.
Meanwhile, 54,522 households, equivalent to 30%, are occupied by owners.
The neighborhoods of Palmer Lake - Mia Station in Miami offer the most budget-friendly housing options, with an average rent of $964 per month.
Bird Road Highlands, Breezy Acres, and Cantelope - Marina Gardens are neighborhoods in Miami where the average rent is $1,489 per month. These neighborhoods offer rental prices that are below the average Miami rent of $2,356 per month.
On average, tenants in Mays Gardens neighborhood pay $1,286 per month for rent.
Ascot Park is another neighborhood in Miami where the average rent is $1,489 per month.
Miami Design District, Brickell, and Brickell Key are the priciest neighborhoods in Miami, with average rents of $3,022, $3,068, and $3,314, respectively.
Section
02
Average Cost of Transportation in Miami
Transportation is another aspect that can significantly contribute to your overall cost of living in Miami. In fact, transportation-related expenses can be so substantial that they may even determine whether you can afford the average rent in the city.
The one-way fare for Metrobus is $2.25.
The one-way fare for Metrorail is $2.25.
There is a daily parking fee of $4.50.
You can obtain a pass to park for $11.25 per month.
The cost of gas in Miami is above average, with a price of $4.34 per gallon. Getting your tires balanced will run you about $59.62.
This is higher than the nationwide average of $4.32 as of March 10, 2022.
According to transit cost data, Miami has a 2.1 percent higher cost than the national average.
There has been a 5.11 percent decline from the corresponding period of the previous year.
The cost of vehicle maintenance fees, such as tire balancing and rotation, is similar to the national average in the US.
Miami is renowned for its high ownership rate of vehicles, with at least one vehicle present in 91.7% of households.
As per MIT's Living Wage Calculator, an average single adult's annual transportation expenses are estimated to be around $5,113.
The monthly cost comes out to be approximately $426, considering the average gas price of $2.95 per gallon on April 12, 2021.
Section
03
Average Cost of Groceries in Miami
The cost of living in Miami can be significantly impacted by your grocery bills, which is determined by the type of food you buy (such as organic, meats, or name-brand products) and the quantity you require. In addition, groceries tend to be less expensive in the more affordable neighborhoods of Miami.
The average monthly food expenditure for a single individual in Miami is $376.29.
In the cost of living index, the cost of groceries in Miami is rated at 107.3.
The cost of groceries in Miami is 7.3% higher than the national average.
During the period of October to December, the food index experienced a 0.6 percent increase, driven by a 3.4 percent rise in the food away from home index.
Over the bi-monthly period, there was a 0.6 percent decrease in the food at home index.
For the 12 months leading up to December, the food index showed an 8.8 percent increase.
Over the past year, the food at home index experienced a 9.4 percent increase, as all six major grocery store food group indexes went up.
Similarly, the food away from home index rose by 7.4 percent over the past year.
Over the past year, the food at home index experienced a 9.4 percent increase, as all six major grocery store food group indexes went up.
Similarly, the food away from home index rose by 7.4 percent over the past year.
The lunch menu costs $19.9.
The cost of dinner for two in a restaurant is $101.
The cost of a fast food meal, equivalent to McDonald's, is $9.96.
A 0.5L or 16 fl oz beer in a pub costs $6.04.
One liter or one quart of milk costs $1.15.
A half kilogram or 1.1 pound of bread costs $3.14.
One kilogram or 2.2 pounds of rice costs $5.49.
A dozen eggs cost $4.74.
Section
04
Average Cost of Utilities in Miami
The cost of utilities in Miami is relatively inexpensive. Start reading to see for yourself.
The utility expenses (including electricity, heating, cooling, water, and trash) for a 915 square foot apartment in Miami amount to $141.93.
In Miami, the average residential electricity rate is 12.46 percent lower than the national average rate of 11.88 cents per kilowatt-hour.
Florida has the most affordable water cost among all states, with an average monthly water cost of $6.
The yearly water bill for Miami-Dade customers was $116.46.
In November Miami households paid 10.7 cents per kilowatt-hour for electricity.
This cost was 19.5 percent lower than the nationwide average of 13.3 cents per kilowatt-hour.
In November of last year, electricity expenses were 11.9 percent less in Miami when compared to the rest of the country.
For the last five years, the electricity cost in the Miami area during November has been at least 11 percent cheaper than the U.S. average.
According to the U.S. Bureau of Labor Statistics' report today, the average gasoline price in the Miami-Fort Lauderdale-West Palm Beach region was $2.490 per gallon in November 2019.
The gasoline prices in the region were 18.3 cents lower compared to last November when they averaged at $2.673 per gallon.
In November 2019, Miami households paid an average of 10.7 cents per kilowatt-hour (kWh) of electricity.
This cost was lower than the 11.8 cents per kWh paid in November 2018.
Section
05
Average Cost of Healthcare and Taxes in Miami
Miami's healthcare costs are 2% below the national average. We encourage you to learn more about not only healthcare, but also taxes by reading further.
The estimated monthly healthcare costs in Miami and its surrounding cities are, on average, 4.1% higher than the national average.
The cost of a doctor's visit is $122.54.
The cost of a visit to the dentist is $105.72.
The cost of an optometrist visit is $115.42.
The cost of a prescription drug is $451.49.
The cost of a veterinary visit is $63.51.
The cost of Ibuprofen is $12.29.
Choosing to buy a home in Miami-Dade County means that you will have to pay a higher property tax rate (0.97 percent) compared to other counties in Florida.
For instance, Walton County has a property tax rate of 0.76 percent.
Purchasing a $418,000 home in Miami would result in an annual payment of $4,055 for residential property taxes.
Additional taxes comprise of sales and usage taxes.
The sales tax rate in Florida is 6 percent.
In Miami, an additional 1 percent discretionary county surtax is charged, making the total sales tax 7 percent.
For instance, if you buy something worth $1,000, you will be required to pay an extra $70.
The lowest total sales tax rate for Miami, Florida in 2023 is 7%.
This percentage includes the sales tax rates of the state, county, and city. Currently, the Florida sales tax rate is 6%.
Section
06
Average Cost of Studying in Miami
If you are a student interested in studying in Miami, we have compiled all the essential information about studying in Miami, including the average cost of education.
During the academic year 2022-2023, the average tuition and fees for undergraduate programs at colleges in Miami, Florida, are $3,950 for in-state students.
The cost for out-of-state students is $15,223.
The tuition and fees of Miami's colleges are above the national average.
In 2023, the national average tuition for in-state students is $6,879.
The national average tuition for out-of-state students is $12,782.
For the 2021/2022 academic year, the tuition for the University of Miami is $53,112.
The University of Miami's tuition is 75% higher than the national average private non-profit four-year college tuition of $30,365.
The University of Miami's cost is 240% more expensive than the average Florida tuition of $15,644 for four-year colleges.
Regarding affordability, the tuition at the University of Miami ranks 101st among four-year colleges in Florida and is the second most expensive four-year college in the state.
The cost remains the same regardless of residency.
The school also charges an additional fee of $1,648, which brings the total effective in-state tuition to $54,760.
The cost of books and supplies is $1,525.