Is It Expensive To Live In Miami FL?

Definition of "Is it expensive to live in Miami FL?"

Seth Task real estate agent

Written by

Seth Taskelite badge icon

Berkshire Hathaway HomeServices Professional Realty

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.


Need help as a:

I'm interested to:


I work in:

Reach out to the local professionals for help
I agree to receive FREE real estate advice.

Agents, get listed in your area. Sign up Now!

Here's what you'll get:

1. Full zipcodes coverage for the city of your choice for 3 months

2. The ability to reach a wider audience

3. No annual contract and no hidden fees

4. Live customer support/No robo calls

$75 - Any City - 3 Months Coverage
loader gif

Please wait ...

I agree to receive FREE real estate advice
I agree with Terms & Conditions and Section 5-5.9.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.


Popular Real Estate Questions

Popular Real Estate Glossary Terms

Reward for investing. The real estate investor must compare the anticipated return for an investment with the associated risk. The return includes: Appreciation (or depreciation) in ...

Changing property ownership. An example is the sale of a home to another. ...

General decrease in prices. It is the opposite of inflation and different from disinflation, which is a decrease in the rate of price increases. Deflation results form a reduction in the ...

A notice, usually in writing, in which notice of termination is given by one individual or business to another. It is pursuant to a cancellation provision in a contract to forestall ...

Ownership of a real estate in which at least two or more individuals have equal ownership. If a member of the group dies, the property is transferred to the survivor (s), for example, a ...

Looking for an amortization definition? Amortization is an accounting term that basically means something like “reducing the gap between what is owed”. Here’s the play by ...

Demolition and removal of all existing structures on a building site and the subsequent construction of a totally new building structure. For example, in a downtown redevelopment project, ...

Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized. ...

The term effective interest rate is the actual return from a savings account or any investment where you pay interest when considering the effects of compounding costs over time. Through an ...