Cost of Living in Miami

If you’re thinking about moving to Miami, you might be wondering about the cost of living in Miami.

For a family of four — two parents and two children — you can expect to spend a little over $7,000 monthly and about $85,000 annually, according to the Economic Policy Institute’s Family Budget Calculator. One person can have a “modest yet adequate standard of living” for a little over $3,000 per month and $37,000 per year.

This graph is courtesy of the Economic Policy Insitute and can be found here: https://www.epi.org/resources/budget/budget-factsheets/#.

PayScale’s cost of living calculator finds Miami’s cost of living as 14% higher than the national average. Most of that comes from housing prices, which are 44% above the national average.

According to Expatistan’s cost of living comparison calculator, Miami is 31% cheaper to live in than New York City. Los Angeles is 9% more expensive than Miami. Atlanta is 15% cheaper than Miami. For cities in Florida, Tampa and Orlando are 15% cheaper than Miami. Jacksonville is 23% cheaper.

Expatistan also ranks Miami as more expensive than 72% of cities in the United States. They estimate a family of four to cost about $5,250 monthly; a single person is estimated to cost about $3,000 per month.

Although the cost of living in Miami is more expensive than lots of other cities in the U.S., you won’t find another city that offers the same experiences that Miami has to offer. Diversified neighborhoods, world-renowned beaches, unparalleled nightlife, clean living lifestyles, and flavorful cuisines await you when you decide to move to Miami.

 

Why Move to Miami?

Miami is one of the many melting-pot-cities in America. There’s a huge Latin American presence that can be felt throughout the city. With Miami being a top international destination, you also never know who you’ll run into. You can hear families speaking in Mandarin, French, Italian, Spanish, and countless others on a stroll along the beach. There are also small neighborhoods so enveloped in their own cultures that you’ll feel like you’re in another country, namely Little Haiti and Little Havana.

Hollywood has been trying to capture the splendor of Miami’s beaches for decades. These white-sand beaches are a popular destination for several reasons. You can find clear waters, shady palm trees, and laughing families throughout the summer. Spend an afternoon playing beach volleyball, getting a tan, snorkeling, or paddle boarding at any of Miami’s beaches.

There’s always a party to find in Miami. If you thought New York City never sleeps, let us introduce you to Miami. Whatever kind of nightlife you prefer to indulge in, you can find it in Miami. With plenty of rooftop bars and underground clubs, you’ll never run out of things to do.

Even though Miami offers plenty in the nightlife department, its citizens are among the healthiest in all of the United States. Seriously, Business Insider ranked Miami as the #1 healthiest city in the country. It’s only fitting that such a beautiful city is home to so many beautiful people. And Miami is one of the top cities for young professionals to move to. Now that you have a better idea of the cost of living in Miami, it might jump to the top of your potential city list.

Lastly, you’ll never go hungry or run out of restaurants to try in Miami. Like we mentioned, Miami culture is heavily influenced by the Latin population. Nowhere is this more apparent than in the city’s food. From food trucks to top-scale restaurants, your taste buds won’t ever be disappointed. So if you’re thinking about moving to Miami, let Safebound Moving & Storage help!