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Cost of Living in Miami, FL – The 2020 Moving Guide

Are you looking forward to relocating to one of the warmest winter locations in the US? Before you jump on the bandwagon, go over the cost of living in Miami and see just how much money you will need to live in Magic City.

Before moving to Miami, research the housing, utilities, transportation, and entertainment options as well as their costs. Make sure that the Miami neighborhood you choose fits your projected budget and satisfies your preferred lifestyle. Let’s go over the cost of renting or buying a home in this Florida gem, and then we’ll move on to the transportation, utility, and entertainment expenses.

Housing Prices in Florida Cities

Florida is the third most populous state in the US. What makes people flock to this southernmost state? Sunny weather, great entertainment offer, employment and educational options are just some of the many benefits that come with living in Florida.

When moving and picking your next destination, use a cost of living calculator to compare prices in a few cities in FL, just so that you can find the one that fits not only your budget but your lifestyle as well.

Jacksonville, Miami, Tampa, and Orlando are the largest cities in the state. According to data from Numbeo, Miami has the most expensive housing, followed by Orlando, Tampa, and Jacksonville. Even though real estate is a bit pricier for Miamians, the high paychecks and vast job opportunities make up for it.

Have you set your mind on relocating to the so-called “Gateway to the Americas” after some due diligence? You might as well get familiar with real estate costs before you start packing up your things and choosing a new residence.

Housing Is an Essential Factor in the Cost of Living in Miami

Are you planning on renting or buying when you relocate to Florida? The answer to this depends solely on you and your particular circumstances. If you are preparing for house hunting, you should research the real estate market of the metropolis beforehand.

Miami has a lot to offer to its new residents. From modern condos to single-family homes, you can pick and choose whichever suits you best. Even though the prices of lots are higher, at the end of the day, they are worth it. Buying a property in the center will be around $400 per square foot, while in other parts, that price falls to $240.

This is the metropolis of renters, because 70% of residents rent their homes, according to statistics from Niche. Also, data from Numbeo points out that a one-bedroom apartment in the center costs around $1,800 per month, while in other locations, it goes for around $1,300. If you need a bigger place, you can get a three-bedroom flat in the center for at least $3,400, and that same footage will require $2,400 in the rest of the metropolis.

If you’re moving on a budget, and you need to save up any way possible, you can look into some of the more affordable neighborhoods around the metropolis. After all, you are moving to a big city; there are plenty of different options you can explore.

Pick the Right Place to Live If You Need to Save Some Money

The metropolis as a whole has plenty of parks and walkable shores, but what makes a spot perfect? Location is crucial if you plan on living on a budget for a while. Some of the best neighborhoods in Miami are quite affordable. Do your research and figure out which one is the right fit for you:

  • Brownsville is a suburb with a population of over 13,000, where a majority of residents are in their early 30s. The place attracts millennials with its affordable one bedroom rent that is just $620 a month.
  • Liberty City is densely populated, and its popularity is growing each year. Renting a one-bedroom home would be around $680 every month.
  • Gladeview is also a young neighborhood, with most residents being around 30 years old. The cost of living index is almost 6% lower than the US average, and if you want to get a one-bedroom home, you can do it for an average price of $730 for a month.
  • Pinewood Park is for all of those who don’t like to be in crowded areas but would also like to save up. If you want to rent a one-bedroom flat here, you will need around $760.
  • The Hammocks is a spot with average US prices, and if you are looking forward to moving to the suburbs, this is the place for you. What sets it aside from other neighborhoods is its vicinity to Executive Airport. Also, if you are moving with your pets, you can take them to Boystown Pineland County Park and let them run around.
  • Edgewater is very popular with people who are moving with kids. More than half of the population is married and in their early 40s. Also, this area has a 10% lower cost of the living index compared to the rest of the US.
Use a calculator to compare prices and find the ideal spot for yourself.

Transportation Is a Vital Part of the Cost of Living in Miami, FL

The metropolis has an extensive public transportation network every resident can use. Buses operate along various routes, and a one-way ticket is $2.25. The trolley is the next option and a great way to get around some parts of the metropolis for free. If you are settled down in Downtown, Coconut Grove, or Edgewater, you will be able to use it daily. With Metrorail, you can go from north to south for just $2.25. The largest rail system is Tri-Rail, and the tickets depend on how far you are commuting.

If you are not a big fan of public transportation, you can easily ship your car and drive around whenever you feel like it. Roads in the metropolis are maintained regularly, and some major state roads serve the location.

When you need to travel farther away, the international airport is nearby, and it caters to over 45 million people every year. Also, the Fort Lauderdale Executive Airport is in the vicinity.

Miamians are in luck because their area is walkable and bikeable, so if you’d like to stay fit and active, that is another way to commute.

The location is covered with a network of buses, trolleys, and railroads.

Put Money on the Side for Utility Bills

If you’re moving to Miami, you should remember that utilities play an essential part in the cost of living index. According to data from Numbeo, the basic garbage, cooling, electricity, heating, and water bill for a 915-square-foot apartment is around $130. Compared to Tampa, utilities are 10% cheaper, and 5% lower compared to Jacksonville.

The climate in the area is warm and humid. If you are not used to hot weather, and you use the AC all summer long, you will be happy to learn that the average electricity rate is 13% lower than the national.

The average residential electricity rate is 10.4¢/kWh.

Entertainment Costs in Magic City

You don’t relocate to a vibrant and entertaining place as a Magic City and not enjoy every fun activity it has to offer. The area abounds in activities for every age group, from kids to elderly citizens. If you want to have fun, you will find a way to do so.

If you are on a tight budget, just take a walk to the sandy shores and bask in the sun: it is free. When you want to treat yourself and spend some dough, you can check out some of the best restaurants in Miami and grab a bite. According to Numbeo, a meal in an inexpensive restaurant would be around $15, while a three-course meal in a mid-range restaurant for two people would be $68. If you are more of a pub person, know that cocktails in downtown clubs are around $15, while you can have a beer for $7.

Act like a tourist and take a sightseeing tour with a speedboat – they are around $38 – or buy a 29$ ticket for airboat safari. When you want to have a different kind of view of the city, you can hop in a helicopter and have an air tour of your new home. It will cost you around $100.

For all of you adrenaline junkies, there are parasailing activities that go from $75 to $120. Have a flyboard experience for $95, or rent a jet ski for around $160.

Have a low-key day off and go to the movies. Tickets for movies are around $15, while two theater tickets are about $125. Also, if you want to have an active day with friends, you can rent a tennis court for $19 an hour.

You can find both expensive and cheap ways to have fun.

How Much of an Income Do You Need to Live Comfortably in Miami

Are you looking for a job before relocation? If so, you should know what kind of paycheck you should ask for if you want to have a comfortable life. The website LivingWage developed a calculator that estimates the amount of money that residents need to meet minimum standards of living. Check it out before you start negotiating with your employers about your salary.

Also, Go Banking Rates for 2020 show that Miamians should have earnings of around $77,000 a year to live comfortably. In Seattle, that amount is $72,100; New Yorkers have to earn $87,500, while folks in San Francisco should have yearly paychecks of $120,000.

Are you wondering how to find a job when you are relocating to another state and what the highest-paid ones are? Pursuing a career in those sectors will make your life that much easier.

What Are the Highly Paid Professions?

Have you thought about all that money the highly-paid professionals get? Maybe you have the skills and knowledge to become one of them? Check out the 2020 data from the Bureau of Labor Statistics and figure out if your profession is among the top-paid ones:

  • Internists have a salary of around $213,000
  • Chief Executives earn $211,500
  • Family and General Practitioners wages are around $195,500
  • Financial Managers earn $153,500 yearly
  • Sales Managers are paid $142,000
  • Lawyers earn $141,500 a year.

If you haven’t found your chosen career on the list, you can always look for employment in some other place in Florida. After all, the largest sectors of employment are education, hospitality, health service, trade, transport, and government professional services.

Paychecks in Other Florida Cities

Florida is a state that is continually changing and evolving to fit the needs of its residents. That’s why some of the fastest-growing jobs in the Sunshine state are statisticians, rod busters, nurses, miners, mechanical installers, and physician assistants.

Nevertheless, the fastest-growing jobs might not be the highest-paid ones, but the Bureau of Labor Statistics put these on top of the list:

  • Anesthesiologists earn $280,390 a year
  • Obstetricians And Gynecologists’ salaries are around $255,500
  • Family And General Practitioners’ incomes are $216,000
  • Physicians And Surgeons earn $205,000 a year
  • Orthodontists have wages of $205,000
Miamians have a good paycheck compared to the rest of the country.

You Can Live Your Best Life Here

Once your dealings with Miami movers are over with, and when things are put into their places, it is time to start exploring the new area. Don’t let the money stop you. You did your research and found the best and most affordable housing solution. Also, you figured out the transportation system, and now you know that you can walk to some places instead of paying a bus ticket.

Most importantly, you landed a dream job that will provide you with a comfortable life. Your budget shouldn’t take new hits, and you will be able to earn and save up, but also have fun and enjoy life while you are in the Magic City. Wasn’t that the whole point of relocation? Let yourself live the best life; you won’t regret it.