Average Cost of Living in Miami

Miami Living Prices

Our We Buy Houses Miami FL team conducted this comprehensive study on the cost of living in Miami, Florida, we found that the average monthly expenses to live for 1 adult is $3,424, for 2 adults with no children is $4,766, for 2 adults with 1 child is $6,530, for 2 adults with 2 children is $7,549, for 2 adults with 3 children is $9,179, and for 2 adults with 4 children is $9,739. These figures were derived from meticulous data analysis from the most reliable, up-to-date, and publicly available resources, prioritizing government databases and official reports in Florida.

Our expert FL data scientists and analysts employed advanced AI and machine learning techniques to process this vast data and determine what it takes to live in the states and this city. The process began with data collection, where we gathered raw data from various sources, including government databases, economic reports, and public surveys. We then cleaned and preprocessed this data to ensure its accuracy and relevance for calculating what it takes for life in this city of Florida.

We used machine learning algorithms to analyze the data, identify patterns, and make accurate predictions in the area. These algorithms were trained on large datasets and fine-tuned to provide the most accurate estimates possible for the area. Using AI and machine learning increased the speed and efficiency of our analysis of the area. They allowed us to handle complex data structures and make more accurate predictions of the area.

The result is a comprehensive and accurate picture of the cost of living in Miami, Florida, for various family structures and people. This data is crucial for individuals, people, and families planning to move to Miami, as it provides a clear understanding of the financial requirements needed to maintain a certain standard of living in this vibrant city. This information will be a valuable resource for those people seeking to make informed decisions about their future in Miami.

Housing Costs: 

Rent included in the cost of living is $2,071.60 per Month for 1 adult

The average cost of a house is $451,436.44 not including home insurance.

Food Cost:

Food included in the cost of living is $312 per Month.

Utilities are High Compared to Other Cities:

FPL serves the Miami area, and the median expense of utilities is $226.29 monthly not including weather changes.

Child Care:

$0 per Month in the states.

Transportation:

$687 per Month, including gas and car insurance are the going living prices. The median cost of living for a gallon of gas in Miami is $3.41.

Taxes:

$462 per Month, including sales tax from purchases.

Property taxes annually in Miami are $2,756.

Other Necessities:

$496 per Month for other necessities included in the cost of living.

Median Expense of Healthcare:

$410 per Month for healthcare needed for the cost of living in the states and this city.

Average Housing Cost to Income Ratio:

32.40% 

Housing Costs:

The average rent included in the cost of living is $1,231 per Month on average for 2 adults in Miami.

The average price to buy a house for 2 adults in Miami is $451,436.44.

Average Housing Cost to Income Ratio:

32.40%

Food Costs:

Average food prices included in the cost of living are $572 per Month for 2 adults in Miami.

Utilities:

Utilities are $222.69 per Month in Miami on average.

Child Care:

$0 per Month in Miami for 2 adults with no children.

Transportation:

The average monthly transportation prices included in the cost of living are $911 for 2 adults with no children in Miami which includes an insurance policy. The expense for a gallon of gas in Miami is $3.41.

Health Care:

On average, health care is $820 monthly for 2 adults with no children in Miami.

Taxes:

On average, taxes are $578 for 2 adults with no children in Miami.

Property taxes annually in Miami are $2,756.

Other Necessities:

Other necessities not including the black market and credit cards are $653 monthly for 2 adults with no children in Miami.

Housing Costs:

The monthly rent for 2 adults and 1 child in Miami is $1,551.

The average sale price of a house in Miami is $451,436.44 not including home equity and the market rate for personal loans.

Average Housing Cost to Income Ratio:

32.40%

Food Costs:

$712 per Month for 2 adults and 1 child in Miami is $712 per Month.

Utilities:

FPL for 2 adults and 1 child is $226.29 monthly in Miami.

Child Care:

$714 per Month is the average spent on childcare for 2 adults and 1 child in Miami.

Transportation:

The average transportation expense for 2 adults and 1 child in Miami is $1,000 per Month, and gas is $3.41 per gallon on average.

Health Care:

Health care is $1,030 per Month for a family of 2 adults and 1 child in Miami.

Taxes:

The expenses for taxes are $703 per Month.

Property taxes annually in Miami are $2,756.

Other Necessities:

The expenses for other necessities are $820 per Month.

Housing Costs:

The monthly rent for 2 adults and 2 children in Miami is $1,551.

Buying a house for 2 adults and 2 children in Miami costs $451,436.44.

Average Housing Cost to Income Ratio:

32.40%

Nourishment Costs:

Nourishment is $902 per Month for 2 adults and 2 children in Miami.

Utilities:

FPL serves Miami, which is $226.29 per Month for 2 adults and 2 children in Miami.

Child Care:

Child care is $1,200 per Month for 2 adults and 2 children in Miami.

Transportation:

Transportation is $1,070 per Month for 2 adults and 2 children in Miami, and gas is $3.41 per gallon on average.

Health Care:

Health care is $1,240 per Month for 2 adults and 2 children in Miami.

Taxes:

Taxes are $698 per Month for 2 adults and 2 children in Miami. Property taxes annually in Miami are $2,756.

Other Necessities:

Other necessities are $889 per Month for 2 adults and 2 children in Miami.

Housing Expenses:

The rent for 2 adults and 3 children to live in Miami is $2,068 monthly.

Buying a house for 2 adults and 3 children in Miami is an expense of $451,436.44.

Median Dwelling Cost to Income Ratio:

32.40%

Nourishment Fees:

Nourishment for 2 adults and 3 children in Miami is $1,101 monthly.

Utilities:

FPL serves Miami, which is $226.29 per Month for 2 adults and 3 children in Miami.

Child Care:

In Miami, child care for 2 adults and 3 children is $1,349 monthly.

Transportation:

Transportation for 2 adults and 3 children in Miami is $1,165 monthly, and gas is $3.41 per gallon.

Health Care:

Health care for 2 adults and 3 children in Miami is $1,449 monthly.

Taxes:

Taxes for 2 adults and 3 children in Miami is $897 per Month. Property taxes annually in Miami are $2,756.

Other Necessities:

Other necessities for 2 adults and 3 children in Miami are $1,148 monthly.

Dwelling Fees:

The rent for 2 adults and 4 children in Miami is $2,068 monthly.

The price to buy a house for 2 adults and 4 children in Miami is $451,436.44.

Median Dwelling Cost to Income Ratio:

32.40%

Nourishment Fees:

Nourishment for 2 adults and 4 children in Miami is $1,348  of monthly money.

Services:

FPL serves Miami, which is $226.29 per Month for 2 adults and 4 children in Miami not including weather changes.

Child Care:

In Miami, child care for 2 adults and 4 children is $1,349 monthly.

Transportation:

Transportation for 2 adults and 4 children in Miami is $1,199 per Month, and gas is $3.41 per gallon.

Health Care:

In Miami, health care for 2 adults and 4 children is $1,659 per Month.

Taxes:

Taxes for 2 adults and 4 children in Miami is $878 per Month. Property taxes annually in Miami are $2,756.

Other Necessities:

Other necessities for 2 adults and 4 children in Miami are $1,238 monthly.

What is a Livable Salary in Miami?

Based on the MIT Living Wage Calculator data, the livable salary in Miami, Florida, varies depending on the family size. The annual income before taxes should be approximately $39,353 for a single adult. For two adults with no children, if only one is working, the required income is $78,269, but if both are working, it drops to $61,030 per adult.

The required income for two adults with one child increases to $86,256 if both adults work. With two children, it further increases to $106,367. Two working adults must earn $128,211 collectively for families with three children. Lastly, the source does not specify the required annual income before taxes for a family of six with two working adults and four children. Still, it can be estimated to be higher than the figure for three children.

These figures are based on the assumption that the adults are working full-time, and they consider various fees such as nourishment, childcare, medical, dwelling, transportation, and others.

How Expensive is Miami Living?

Living in Miami, Florida, is notably more expensive than many other cities in the United States and worldwide. As the 4th most expensive city in the U.S. and North America, ranking 12th out of 211 cities globally, Miami’s cost of living is higher than 95% of cities worldwide.

For a single person, the estimated monthly cost is around $4,349. At the same time, a family of four is expected to spend approximately $6,931 monthly. These figures are higher than the provided data, suggesting that the cost of living can vary significantly based on lifestyle and personal fees.

Compared to other cities, living in the city is 24% more expensive than in Orlando, Florida, and 75% more costly than in Madrid, Spain. Even Fort Lauderdale, Florida, a neighboring city, is 20% cheaper.

In conclusion, Miami’s living values are high, making it one of the pricier options for both domestic and international residents. However, its vibrant culture, beautiful beaches, and thriving economy may justify the higher cost for many.

What is the Median Monthly Fees for Living in the City?

The fees for living in Florida Florida, varies significantly based on the size and composition of the household. For a single adult, the median monthly price is approximately $3,424. This figure increases to $4,766 for a two-adult household with no children.

When children are added to the equation, the cost of living rises further. The median monthly price for two adults with one child is $6,530. This figure escalates to $7,549 for a family with two children. For larger families, the values continue to climb. A household with two adults and three children can expect to spend around $9,179 monthly. In contrast, a family with four children has an median monthly cost of $9,739.

These figures reflect the median that it will set someone back and can fluctuate based on dwelling choices, lifestyle, and personal spending habits. Despite the higher cost of living, many are drawn to Miami for its vibrant culture, diverse job market, and beautiful climate.

What is the Minimum Wage in Miami?

As of 2023, the minimum wage in Florida is $11.00 per hour. Given the fees, more is needed for many family structures. For a single adult earning minimum wage and working full-time (40 hours per week), the monthly income before taxes is approximately $1,760, which falls short of the monthly cost of living of $3,424.

For two adults with no children earning minimum wage and working full-time, their combined monthly income is approximately $3,520, which is also less than the monthly cost of living of $4,766.

The situation becomes more challenging for families with children. For two adults (both working full-time at minimum wage) with one child, their combined monthly income of $3,520 is significantly less than the monthly cost of living of $6,530. The disparity increases with the number of children, reaching a monthly cost of living of $9,739 for two adults with four children.

These figures highlight the financial challenges minimum wage earners face in Miami, especially those supporting families. It’s important to note that these calculations do not consider taxes, health insurance, or other potential deductions.