The perks and benefits of living in a world-famous tourist destination are unlimited, and many find it to be the ultimate lifestyle in terms of quality, luxury, and amenities. Miami is great in many ways, but that is also impacting the cost of living in the area. Is it expensive to live in Miami, FL? Let’s find out!
This question is not easy to answer since it might be different for everyone. It depends on multiple factors, such as the neighborhood you want to live in and the kind of lifestyle you wish to live. Many consider Miami, FL a good place to live, which might justify the high cost of living in some areas. Here are some details related to the costs of living in Miami, Florida.
Living in Miami is going to be about 23% more expensive compared to the average expenses in the state of Florida. Health care costs, along with groceries and utilities, are not very far apart from the national average, and some of them appear to be cheaper compared to other major cities. However, the most significant factor in the cost of living difference is transportation and housing costs which are about 45% higher than the state and national average.
Miami is known for its luxurious estates and gorgeous residential areas that provide a splendid ocean view. Both oceanfront homes and inland housing create a very competitive market, and the median home value is around $365,000. The most luxurious areas in Miami Florida can provide housing that exceeds the $1 million mark, and other neighborhoods offer cheaper housing options for a more modest lifestyle.
Prices vary quite a bit when it comes to renting. Depending on the area, rental prices can get very high if you are searching for rent in cosmopolitan areas such as South Beach, Brickell, and Coconut Grove, or you can find acceptable prices in areas such as Overtown and Liberty City. The average rent price in Miami, Florida, is around $1,700, and one of the factors that might affect prices in one area compared to another is the safety of Miami FL.
About 34% of rented units are priced between $1,000 to $1,500, 37% are priced between $1,500 to $2,000 and 23% are priced above the $2,000 price mark. However, renting or buying a home in one of America’s most glamorous cities is, for many, a dream come true. Make sure you get in touch with our real estate agents in Miami FL, who can help you find the best housing or rentals available on the market so you can enjoy the lush lifestyle of this sprawling city.