No matter if you want to move or just invest, the cost of living in Miami is the first thing to investigate.
To facilitate your search, we have listed the basics to define the cost of living in Miami and thus make a conscious decision.
Cost of living in Miami
Miami is one of the most admired places in the world. It has scenery, nightlife, restaurants, world-class stadiums, street food and an international airport. In addition, it has one of the largest cruise ports in the world. It’s the nature of the American dream.
Also, in terms of personal finances, the great advantage of living in Miami is that you don’t pay income taxes. That makes the cost of living in Miami dependent exclusively on your lifestyle.
Housing
According to payscale (2021), a pricing researcher, Miami is not the most competitive in housing prices. In fact, it’s 12% more expensive than the national average. However, it is one of the places with the best financing possibilities in the United States.
The good news is that many areas of Miami fit the budget without losing quality. A cheaper home doesn’t mean it’s bad. Even thanks to universities in Miami, students live in residences at more than competitive prices.
Utilities
According to Pierre Nicholson (2020), an expert Real Estate analyst in Miami, the average monthly electricity is $165.31. In this, Miami takes the gold medal by being 4.5% below the national average.
Miami is a world leader in clean, renewable energy. It is expected that by 2030 30 million solar panels will be built to give clean energy to all. This will further reduce the cost of living in Miami.
As for water, according to Pierre, it can be up to $ 3.92 per month for the first 2,244 gallons, which is very competitive.
Bless you
According to payscale (2021), healthcare is 3% cheaper than the national average. This data is important because, according to the Healthcare Report, Miami is well above the national average in coverage for certain categories. It is even known that this industry is one of the most employable in Miami.
Feeding
The food isn’t exactly cheap, but it’s not that different from the national average. Making the market in Miami is on average 5% more expensive than in the rest of the country. A survey cited by VivirENN (2021) says that most households spend around $600 on basic purchases.
Miami is one of the most diverse places in the world and this is demonstrated by its food. It will not be difficult to get gastronomic variety. However, the cost of living in Miami will depend on the restaurants you choose.
Transport
As for public transport, Miami has its own bus network and the subway. A single bus ticket costs $2.25. However, there is the EASY card that allows you to use the bus network and will save you queues and a few dollars a month.
Many residents opt for cars. Fortunately, Miami has an enviable road infrastructure that avoids traffic jams and long delays. In fact, speaking of the cost of living in Miami, this option may be cheaper in the future.
How has this cost changed in recent years?
As for the cost of living in Miami, prices vary according to inflation. In this case, there are certain assets that have stayed the same, others that have gone down, and others that have gone up.
According to Numbeo (2020), a historical price comparator, most basic goods and services have replicated the behavior of inflation and have maintained their upward trend.
For example, the Bic Mac indicator, which measures the change in the price of a McDonald’s hamburger and is used by economists as a benchmark, has increased. The Big Mac went from $5.50 in 2010 to $8 in 2020. This is important to understand the true cost of living in Miami.
The median rent for a one-bedroom apartment went from $1450 in 2010 to $1909 in 2020. This reflects the overall valuation of many Miami neighborhoods.
Mortgage rates also fell. The drop is significant, going from 5 in 2010 to 3.96 in 2020. This reflects the opportunity to buy a home in Miami with private financing.
To complement, if your plan is to move to Miami, you can use a comparator and see how different Miami is from your current residence.
Projection of the cost of living in Miami for the coming years?
Connie Ogle in her article for the Miami Herald (2021) cited the report of the best states to live in nationally. The survey evaluated 71 metrics including health, education, economy, infrastructure, among others. There, Florida is in the top ten. Although it is not in the first place, it seems to be on the right track.
The trend of appreciation and growth is maintained and, with the current investment, it is most likely that this will not change.
This was the guide to the cost of living in Miami. Now that you have the full context and have seen the opportunity to invest in Miami, do it hand in hand with those who know. That’s what PFS Realty is for.
References
Miami Herald. (2021). You knew you lived in paradise: Florida was just named one of the best states in the U.S.
Miami Matters. (2021). Miami-Dade County Community Health Report Card.
Nicholson, P. (2020). Cost Of Living In Miami. South Florida Living.
Numbeo. (2020). Historical Prices in Miami, FL.
Payscale. (2021). Cost of Living in Miami, Florida.
VivirENN. (2021) How much does it cost to live in Miami?
