What is the average cost of living in Miami?

The price of housing, health insurance or school fees are basic expenses that must be considered when moving to Miami (Florida).
Before moving to the United States, it is essential to know the average cost of living of the state where you will reside and the main expenses: housing, transport, food, schools… The range of a person’s or family’s monthly cost depends on many factors, but there are several basic expenses to consider. In the specific case of the cost of living in Miami (Florida) are the following:

RENTING
The rental price will depend on the size of the apartment as well as the area in which it is located. If we think of expensive neighborhoods like Miami Beach, Downtown or Brickell, the average price for a two-bedroom apartment in a building with basic amenities will be about $2,200, while the rent for a studio for one person would be around $1,300. The amenities that the condominium has is one of the factors that will influence the price of the rent. For example, if you have a pool, recreation area or gym the price will be higher. In case you are looking for a cheaper area to live in, there are more affordable neighborhoods like Kendall middle class where a two-bedroom apartment has an average price of $1,700.

HOUSING COSTS
The amount of water, gas and electricity bills for a two-room apartment is around $100 per month. However, keep in mind that Miami has a warm and humid climate so most apartments have air conditioning, which could increase the amount to 130$ in the hottest months. In addition, in the case of wanting television and internet, you must add a minimum of 90$ to the previous bills.

FIXED PERSONAL EXPENSES
In the United States health care is 100% private, so it is mandatory to have health insurance. For a couple without children this insurance can range between $400 and $700. On the other hand, families with children also must have the private school fee, which varies a lot depending on the school, reaching in some cases an annual expenditure of $14,000 per child. There is also the possibility of not having this cost if children attend a public school, but it is not the most common in the United States.
Another fixed expense to face is the basic monthly shopping cart, which in Miami is at $100 for a couple.

OTHER EXPENSES
Other basic expenses to consider when moving to Miami are:
– Car: Buying a medium category vehicle is around $17,000, the basic insurance costs about $150 per month and gasoline is cheaper than in Spain.
– Public transport: The monthly subscription costs 113$.
– Catering: The menu in a restaurant is around 15-20$ per person, half a liter of beer in a neighborhood bar usually costs 7$ and drinks 15$.

To meet all these basic expenses is very important the salary to be received, so it is necessary to know some economic data. The minimum wage in the State of Florida is $8.46/hour, although if it is your job to receive tips the salary is reduced to $5.23/hour. However, the average wage is about $52,970 per year.
Before you move to Florida and rent an apartment or buy a house there are numerous aspects to consider and several procedures to perform, that’s why in Homeinc we have expert consultants who will make Miami the ideal place to start a new life. In conclusion,  If you have any questions about your property, contact the licensed professionals at Homeinc.  We are here to help you with all your real estate needs. Call or text the team today 1-888-850-2636.