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Nearly half a million people call the City of Miami, Florida home. The metro area is the second-largest on the East Coast and among the top ten most populous in the United States. With a tropical climate, gorgeous beaches, excellent dining options, lively culture, and a booming economy, the Magic City attracts throngs of prospective MIami residents and tourists alike.
As one of the most popular tourist destinations in the country, Miami sees 14 million visitors each year. And while it's certainly worth visiting, there are a few things you should know about the city if you're planning to relocate there.
Rent is a major factor in determining your overall cost of living. So, what is the average rent in Miami? Zeus Living is here to answer this question and provide other helpful information about the cost of settling down in South Florida.
The City of Miami has something for everyone. From unbeatable beaches, an ever-present warm breeze, and secluded national parks to roaring nightlife, a growing job market, and stunning real estate, it's no wonder so many people are moving to the tropical metropolis.
Having said that, the average rent in Miami is somewhat high compared to other popular U.S. cities of similar size. Even though prices dropped by about 4% from last year, renting an apartment in Miami costs $2,180 a month on average.
Like all cities, the Miami rental market includes a range of prices. You can find apartments and condos for significantly lower and higher than the average rent price.
Roughly 6% of housing units go for $701 to $1,000 a month, and 34% fall somewhere between $1,000 and $1,500 per month. Around 23% are priced between $1,501 and $2,000 monthly. At 37%, the largest portion of Miami apartments will run you upwards of $2,000 a month.
Of course, the cost of renting a unit depends on several factors, including location and size. The average rent for a one-bedroom apartment in Miami is $1,890, and for a two-bedroom unit, it's $2,415. Studio apartments are the most affordable, coming out to about $1,600 per month.
On average, Miami apartments are 891 square feet, but this varies drastically depending on the type of unit and the neighborhood. One-bedroom apartments tend to fall closest to the average square footage. Studios are often smaller, and two- and three-bedroom units typically offer the most space.
Around 45% (or 77,916) of households in Miami are occupied by renters, and 54% (or 93,120) are owner-occupied. The remaining 1% are extended-stay units and vacation rentals. That being said, some neighborhoods cater to renters, whereas others are more highly concentrated with homeowners.
The most affordable neighborhoods include Palmer Lake - Mia Station, Overtown, Mays Gardens, Model City, Little Haiti, Cantisano, Coral Woods, Dixie Heights Gardens, Brandonwoods, and Little Havana. Apartments in Palmer Lake - Mia Station are $909 a month on average, and Overtown housing units go for an average of $960 per month.
Renters in Mays Gardens pay an average of $1,025 per month. In Little Haiti, Model City, Cantisano, Coral Woods, Dixie Heights Gardens, and Brandonwoods, rates are closer to $1,150. Little Havana apartments rent for $1,260 a month on average.
Upper Eastside, Allapattah, Miami Beach, Midtown - Edgewater, and Coral Way, are right in the middle. Renting an Upper Eastside Miami apartment costs $1,775 per month on average. In Allapattah, you're looking at $1,915 a month, and in Miami Beach, it's about $2,020. In Midtown - Edgewater, renters pay an average of $2,180, and in Coral Way, it's about $2,195 on average.
The most expensive neighborhoods include Wynwood, Downtown, Brickell, and West Flagler, which are generally priced above the city's average. Apartments in Wynwood and Brickell are closer to $2,255 per month on average. In Downtown Miami, it's more like $2,360. And renting in West Flagler will run you an average of $2,610 a month. One of the benefits is that these are known to be the safe neighborhoods in Miami.
Excluding rent price or mortgage payments, the monthly cost of living for a four-person family is $3,722. For a single person, it's about $1,035.
As we mentioned, your overall cost of living in a city depends on a variety of components. Besides the Miami neighborhood you live in, you'll need to calculate various expenses, such as utilities, food, transportation, entertainment, and your lifestyle.
During the winter, electric bills for South Florida residences tend to be relatively inexpensive, yet in the warmer months, you can expect to pay a lot more. In the summer (and often through the spring and fall), when daytime temperatures get close to 100 degrees, you'll need to crank up the air conditioning in your home. (If you’re just coming to visit, make sure you check out the best time to visit Miami to avoid the extreme temperatures.) In some cases, this can run your monthly utility bill up to $300 or more. Though on average, people pay about $150 a month.
Water bills in Miami average out at $115 per month, which is lower than most other cities. As a renter, you'll probably pay less than the average, as higher bills often fall onto homeowners who keep their lawns watered year-round. As for garbage, internet, phone, cable TV, and other monthly household expenses, prices in Miami are about average.
The cost of groceries in Miami is a little higher than the country's average. At the grocery store, a gallon of milk will run you $4 on average, and a dozen eggs is about $2.75. You'll pay an average of $3 for a loaf of bread and around $2.30 for a pound of rice.
Chicken is roughly $5 per pound, and beef is closer to $6.20. A case of beer is $17.15 on average, and a mid-range bottle of wine from the grocery store in Miami will cost you about $10.75.
Miami is known for its mouth-watering dining options. You can eat out for relatively cheap, but many of the best restaurants in Miami have somewhat steep prices. A single meal at an inexpensive eatery is $15 on average, and a fast food meal is $8.
Dinner for two at a mid-range restaurant is $65 on average. At high-end joints and gourmet restaurants with award-winning chefs, you can expect to pay $80 to $100 a person, depending on how many courses you get and whether you order drinks.
The cost of transportation in Miami depends on your preferred method of getting around. Due to heavy traffic, moderate crime, and extreme weather concerns, those who drive cars generally pay higher-than-average insurance premiums. Also, the price of gasoline in Miami is higher than the nation's average, but not by a lot. Parking costs can add up, too, depending on where you live and work. For more on the best companies to work for in Miami, check out our blog!
Miami has a decent public transportation system. The Metrorail (rapid transit), Metromover (train), and Metrobus (bus lines) offer Miami residents and visitors low-cost solutions for commuting and exploring the city. Taxis rides are somewhat expensive, but the Miami metro area also has ride-sharing options, including Uber and Lyft.
If you're interested in settling down in Miami but want to take your time researching and exploring the city, Zeus Living has the perfect solution. Our furnished extended-stay Miami rentals are located throughout the best neighborhoods in the metro area, allowing you to take everything in before signing a lease or buying a home.
The clean and modern long-term rentals from Zeus Living have all the amenities you need to make yourself comfortable. We're talking high-speed WiFi, smart TVs, comfortable beds with award-winning mattresses, and fully equipped kitchens.
Book your stay today or contact us with any questions about our temporary housing options in Miami. We're just an email or phone call away!