Cost of Living in Miami, FL [2025]

Miami, Florida, is a paradise for those who dream of living within close proximity to a beach without ever leaving the comforts of the city. Residents are drawn to Magic City's warm weather, coastal beaches, and bustle. There truly is no place like it.

If you're interested in moving to Miami, then you've probably heard that the cost of living is a bit high. So for those considering making the move to Miami, it's essential to consider the city's cost of living and whether it's a good match for your budget.

Here's everything you need to know about how much it costs to live in Miami.

Cost of Living in Miami, FL

What is the Cost of Living in Miami, FL?

According to our database, Miami’s cost of living is 32% higher than the average U.S. city, with residents spending on average $6,652 a month to live in the city.

Best Places offers a cost of living in Miami, Florida that is broken down by category as follows:

Where is the Cost of Living Highest in Miami, FL?

Key Biscayne, with its pristine beaches and exclusive waterfront homes, often tops the list of Miami's most expensive neighborhoods. This island paradise offers a secluded, upscale lifestyle that comes with a significant price tag. Other affluent areas like South Beach, known for its Art Deco architecture and vibrant nightlife, Coconut Grove with its lush parks, and Coral Gables with its Mediterranean-inspired architecture also contribute to Miami's high cost of living.

Where is the Cost of Living Lowest in Miami, FL?

Hialeah generally offers some of the most affordable housing options compared to other parts of Miami. However, it's important to note that "affordable" is relative, and even in Hialeah, the cost of living can be significantly higher than the national average. Other areas that may offer more budget-friendly options include Miami Springs and West Miami, although the cost of living will vary depending on factors like location within the neighborhood, proximity to amenities, and the quality of schools.

How Much Is Rent in Miami, FL?

Miami is the 18th most expensive large city in the U.S. This means, according to our Miami rent report, that renting in Miami is generally less affordable than in other similar metropolitan areas. The median rent for a one-bedroom apartment in Miami is $1,590, and a two-bedroom apartment sits at $2,106, which is 0.8% increase year-over-year.

Overall median rent in Miami is $1,902. The median rent across the nation as a whole is $1,206 for a 1-bedroom, $1,358 for a 2-bedroom, and $1,373 overall. The median rent in Miami is 38.5% higher than the national average.

How Much is a 1-Bedroom Apartment in Miami, FL?

Based on data compiled in our rent report, the median cost of a one-bedroom apartment in Miami as of January 2025 is $1,590.

How Much is a 2-Bedroom Apartment in Miami, FL?

Based on data compiled in our rent report, the median cost of a two-bedroom apartment in Miami as of January 2025 is $2,106.

How Much is Housing in Miami, FL?

The Miami housing market remains highly competitive, characterized by strong demand and limited inventory, making it challenging for prospective homeowners. This scarcity has significantly driven up home prices. According to recent data from Best Places, the median home value in Miami exceeds $524,600, reflecting a substantial increase in recent years. Furthermore, obtaining affordable homeowner's insurance can be difficult due to factors like hurricane risk and rising property values. Consequently, the overall cost of homeownership in Miami is substantial. Homeowners typically incur monthly expenses exceeding $4,948, encompassing mortgage payments, property taxes, insurance premiums, utilities, and maintenance costs.

What Salary Do You Need to Live in Miami, FL?

As your biggest expense will likely be housing, it's essential to start with the cost of rent to determine the amount you need to earn in Miami. A comfortable salary roughly translates to three times your monthly rent or rent that should amount to around 30% of your monthly income or less, whichever suits you best.

For a Miami resident renting a one-bedroom apartment at the median rate of $1,590, a minimum annual pre-tax income of $5,300 per month or $63,600 per year is necessary to comfortably afford a one-bedroom apartment in Miami. However, keep in mind that the average Miami resident spends about $6,652 a month, so a more realistic target for a comfortable living standard would be closer to $8,000 - $10,000 per month, or $96,000 - $120,000 per year depending on family size and other expenses.

How Much is Transportation in Miami, FL?

Miami is known for its high rate of vehicle ownership, with 92% of households having access to at least one vehicle. MIT’s Living Wage Calculator puts a single adult’s average annual yearly expenses for transportation at $8,426 and $14,134 for a family of four

Miami boasts a robust public transportation system. The free Metromover circulates Downtown Miami, Omni, and Brickell, connecting key destinations like Bayside Marketplace and Kaseya Center. For broader travel, the Metrorail and Metrobus offer affordable options throughout the Miami metropolitan area at a low fare of $2.25 per trip, catering to those who prefer to avoid driving.

How Much is Food in Miami, FL?

If you're on a budget, the MIT Cost of Living Calculator estimates you may be able to keep your food costs down to $4,808 a year by not eating out and cooking all your meals at home. However, for a two-adult, two-child family of four, that cost increases to $14,132 a year.

Miami, a vibrant multicultural hub, boasts a diverse culinary scene. From Caribbean jerk chicken to traditional Spanish paella, the city offers a wide array of flavors. This gastronomic richness, while a cultural advantage, can strain budgets. Dining out can be costly, with an average meal for two at a mid-range restaurant exceeding $100 (excluding tip) and a more affordable option at an inexpensive restaurant averaging around $25.

According to our database, Grocery costs in Miami are generally lower than the national average, with prices 8.17% below the U.S. city average. For instance, a gallon of milk typically costs slightly more in Miami ($4.78) compared to the national average ($4.69). However, this slight difference can vary depending on the specific grocery store, brand, and time of year.

How Much is Healthcare in Miami, FL?

An individual adult will spend around $2,401 annually on medical expenses, including healthcare insurance, medication, and related costs. The healthcare costs for a four-person family are roughly $7,810 annually.

Luckily, you can use Florida's Health Choices website to find an affordable health insurance plan that’ll keep you covered in Miami.

Healthcare costs are a budget line item that’ll depend on your personal circumstances and they can be difficult to estimate accurately for everyone.

If you’re moving from out-of-state, you’ll have to report your move to become eligible for a special enrollment period. Be sure to do this prior to your move to avoid a lapse in coverage!

How Much are Utilities in Miami, FL?

Florida is known for its hot and humid weather, but luckily, the average monthly utility bill for Miami residents is a bit lower than the US average of $253.14 a month. Miami residents typically spend $246.07 monthly for basic utilities including water, gas, and electricity.

Unfortunately, these costs don't include garbage collection, which you may have to cover. Generally, Miami residential property owners must cover the $697 garbage collection fee. However, they may include the cost in your rent payment, so be sure to ask about the cost upfront!

Additionally, you'll want to consider the cost of WiFi and cellular coverage in your utility budget line item. These costs are typically fixed and can fall under the utility umbrella. Your cellular bill will vary depending on your provider's plan. However, WiFi costs $65.47 on average for 60 Mbps in Miami (though you'll likely want faster service).

It’s always best to overestimate when estimating your utility costs. Having more than enough set aside is better than scrambling to cover costs.

How Much is Child Care in Miami, FL?

Childcare costs in Miami can significantly impact a family's budget. The cost of childcare varies depending on the type of care (daycare, in-home care, preschool), the age of the child, and the provider's qualifications and experience. Childcare estimates for a family with 2 working adults and 2 children could be upwards of $18,315 a year, representing a considerable portion of income for many families.

Miami Fitness & Entertainment

Miami is known for its fitness and entertainment options, which isn’t surprising. Miami’s plethora of dining options, beaches, and two major league sports teams make it a premier destination for those seeking fun in any form.

Whether you’re swimming at the beach or catching a game, there’s always something to do. That said, fitness and entertainment can take a toll on your budget. Here’s a breakdown of Miami’s most popular fitness and entertainment costs.

Fitness

Fitness is big in Miami, which is why there are tons of options for those looking to get and stay fit. The average cost of a monthly gym membership in Miami is $78.46 for a single adult.

However, there are cheaper options. You might choose to invest in a decent pair of running shoes and take running up as a hobby. Miami has tons of great running locations, such as the Miami Beach Boardwalk or the Rickenbacker Causeway, so it's easy to lace up and enjoy the views.

Visit Miami’s Beaches or Parks

Miami is renowned for its stunning beaches. South Beach, with its world-famous nightlife, is a must-visit. For a more relaxed vibe, head to Surfside or North Beach, which offer quieter stretches of sand and a more laid-back atmosphere.

Beyond the iconic shores, Miami offers a wealth of parks. Maurice A. Ferré Park in Downtown Miami provides 30 acres of green space, ideal for evening strolls or a quick jog. Palm tree-lined walkways and eye-catching monuments adorn this park, conveniently located near the Kaseya Center, museums, and Bayside Marketplace. For a larger expanse, Tropical Park boasts 275 acres with facilities for various sports like basketball, softball, and volleyball.

Miami's diverse outdoor offerings cater to all tastes. The best thing about visiting a beach or park? It’s a fun and free adventure!

Head to a Sports Game

Miami plays host to multiple major league sports teams. If you're a fan of football or basketball, then you'll love the close proximity to the home of the Miami Dolphins and the Miami Heat.

According to data from VividSeats, you can grab a ticket for a Miami Heat home game for as low as $43. A Miami Dolphins home game will set you back an average of $162 per ticket.

If you're more of a NHL fan, head just an hour or so north of downtown Miami to catch a Florida Panthers game at Amerant Bank Arena. Tickets for a Panthers game start at $7.

Other Expenses to Consider in Miami

Successfully making the move to Miami means that you'll have to do your due diligence on the true cost of living in the Magic City.

Though the cost of living covers the fundamental expenses of living in Miami, there are always some hidden costs that don't make it on most budgets. It's essential to prepare for these costs before relocating.

Here are a few additional expenses to consider in Miami:

• Amenity Costs: Renting in a high-rise building with amenities like gyms, pools, and rooftop lounges can significantly increase rent.
• Sales Tax: While Florida has no state income tax, the combined state (6%) and county sales tax (1%) rate for Miami of 7% can add up quickly, impacting purchases from groceries to electronics.
• Flood Insurance: Living in a coastal city exposes residents to the risk of flooding. Investing in private flood insurance is highly recommended to protect your belongings from potential storm damage, as standard homeowner's insurance typically doesn't cover flood events.

Miami’s Job Market

Miami's job market is currently strong, with a diverse range of industries contributing to its growth. The city has seen significant job gains in sectors like education and health services, leisure and hospitality, professional and business services, and construction. This growth has been fueled by a combination of factors, including the city's economy, its location, and its appeal as a desirable place to live and work.

While Miami's job market is robust, it's important to note that the unemployment rate has increased slightly in recent months to 2.4%. However, it is still lower than the national unemployment rate of 4.2%. According to the U.S. Census website, Miami's median household income rate of $59,390, which is also lower than the national average of $78,534. Miami's overall job market trend remains positive, with continued job growth and a healthy labor market.

Looking for an Apartment in Miami?

Miami is certainly a dream destination for many people. However, if you’re looking to turn that dream into a reality, it’ll take some hard budgeting and planning. If you’re willing to put in the work, you can move on to the fun part — apartment hunting.

Take our quiz to help you get started on your apartment search to find your perfect Miami neighborhood!

FAQs: Cost of Living in Miami

Is it expensive to live in Miami?

Living in Miami is 32% more expensive than the average U.S. city. In Miami, average rent for a one-bedroom apartment is $1,590. The average Miami resident spends roughly $6,652 a month in expenses.

What is the population of Miami?

According to the U.S. Census Bureau, there are an estimated 564,559 people living in Miami. It is the second most populated city in the state of Florida.

Can you live in Miami on a budget?

Living in Miami on a budget is possible with careful planning and smart spending. Opting for affordable neighborhoods, sharing a rental with a roommate, and using public transportation can significantly reduce costs. The city also offers free or low-cost activities, such as visiting beaches, parks, and cultural events. Shopping at farmers' markets and taking advantage of happy hour specials at restaurants can further stretch your budget while enjoying an upbeat Miami lifestyle.

What is the safest part of Miami?

The safest parts of Miami are often considered to be neighborhoods like Coral Gables, Key Biscayne, and Pinecrest. These areas are known for their low crime rates, well-maintained streets, and family-friendly environments. With a mix of gated communities, excellent schools, and proximity to parks, these neighborhoods provide a secure and comfortable living experience.