Personal Finance

How much it Cost to Live in Miami?

Cost of Living in Miami: What You Need to Know

Miami. What more can anyone say? That one word carries with it the very meaning of partying. Fast cars, luxurious mansions, yachts and the night clubs with their neon blue lights and celebrities being seen all the time makes Miami one of the greatest party cities in the entire world!

The rich history, cultural diversity and who can forget SouthBeach? Not to mention the fact there are sporting events almost all year long. By the time the Miami Dolphins have concluded their NFL season, fans don’t have much time to wait till the NBA’s Miami Heat kick off their run for another NBA Championship.

Indeed, Miami is the place where almost anything can – and does – happen. The beaches are full of the most beautiful girls across the globe. This draws the attention of some of the most handsome guys as well. It is no wonder NCAA athletic scholarships are so easy to give to young adults in football, basketball, baseball and even beer pong (if they had a beer pong event).

What kid in their right mind wouldn’t get off the plane and take one look at Miami’s SouthBeach and not want to spend their late teens and early 20’s here? Those unfortunate enough to not get a scholarship will gladly forego one and walk on if they and their families can afford to send them to the University of Miami (The U).

Of course, it isn’t just young adults who want so desperately to live here. Retirees from all over the country attempt to make the state of Florida their residence throughout their “golden years.” Especially Miami, Florida. While other cities are warm, sunny and perfect for living, Miami will always remain the destination of choice, at least their first choice that is.

Cost to Live in Miami

Because so many people want to live in Miami, affordable housing options can sometimes be hard to locate. That being said, there are places in which a person doesn’t have to be drawing an NBA, NFL or Pit Bull salary in order to live there. In fact, compared to other large cities’ apartment prices around the nation, Miami isn’t too far out of reach for those working the normal 40 hour work week.

Average Monthly Rent in Miami

$1,300-$1,600/ 1br Apartment in or around downtown

$1,000-$1,300/ 1br Apartment outside downtown area

$2,500-$3,500/ 2-3br Apartment inside downtown area

$1,500-$1,800/ 2-3br Apartment outside downtown area

Average Monthly Utility Costs in Miami

$100-$130/ Electricity, Heating, Cooling

$30-$50/ Garbage, Water

$60/ Internet Service

Transportation Costs in Miami

$2.00/ 1way bus ticket

$100/ MonthlyBusPass

$2.50 + $1.50 per mile/ Taxi

$3.80/ Gallon of Gas

Grocery Costs in Miami

$3.80/ Gallon of Milk

$2.80/ Loaf of Bread

$3.00/ Dozen of Eggs

$6.00 lb/ Cheese

$3.55/ lb chicken breast (boneless)

Restaurant Prices in Miami

$15.00/ Meal for 1

$56.00/ Meal for 2 at Three-star restaurant

$7.00/ Combo at McDonalds

Misc Costs in Miami

$48.00/ Levi Jeans

$6.00/ pk Marlboro Cigarettes