The real cost of living in Miami Beach

If you are considering moving to the crystal blue waters and white sands, you’re probably asking yourself “What’s the cost of living in Miami Beach? But don’t worry. We have taken a look at the numbers for you and they’re not that bad. So here’s everything you need to know to prepare for your relocation with the help of movers Miami Beach offers.

Housing costs

Housing in Miami Beach is the only price hike you should prepare for. It really depends on which neighborhood you want to be in. However, as of January 2023 according to Zillow, the average home value in Miami Beach is $492.000. The most affordable neighborhoods are Flamingo Lummus and City Center where the median home prices are $325.500 and $405.000.

When it comes to renting, it’s a bit different. The median rent for a studio apartment is $2.450 while one and two-bedroom apartments range between $3.100 and $5.500. Additionally, if you need help with moving, make sure to hire movers North Miami Beach offers for an easy and stress-free move.

Income in Miami Beach

Per capita income in Miami Beach is excellent. It’s about $60.000 which is well above the national average. Also, the unemployment rate is between %1.5 and %2.0 which is below the national average. This means that if you move to Miami Beach, you will get to enjoy a higher standard of living in comparison to the rest of the country.

Food prices

If you mostly buy groceries and cook for yourself, you’ll find that moving here with the help of moving services Miami won’t change your bills too much. Grocery prices are just a bit above the national average and you won’t break the bank so expect to pay about $450 a month. However, going out will most likely cost quite a bit. Expect to pay between 15 and 20 dollars for breakfast by the beach and 15 – 30 dollars for dinner.

Cost of living in Miami Beach: Utilities are cheap

On average, utility costs are cheaper in comparison to the national average. According to numbeo.com, cooling, water, heating, electricity, and trash for a 915 sq ft apartment will cost you around 140$.

You won’t be paying any income taxes in Miami Beach

The taxes in Florida is fairly low. This is one of the reasons why it’s a popular destination for senior citizens. There are no state income taxes here. This means that if you decide to retire in Miami Beach, your pension income, Social Security income, as well as other forms of payouts won’t be taxed. However, the residents of Miami need to pay a 7% sales tax. Additionally, there’s a property tax rate which is 1.02%. This is much higher in comparison to the Florida average, however, it has decreased slightly in the last few years.

Transportation

There isn’t a lot of public transportation in Miami Beach other than the South Beach bus. So if you aren’t interested in being a pedestrian, you will pay a bit more for car maintenance and gas. However, there aren’t too many places you can drive to, so your bill shouldn’t be that expensive. 

Cost of living in Miami Beach: The Conclusion

It’s important to keep in mind that the cost of living in Miami Beach is relatively high if you consider moving here with the help of moving companies Miami. However, the good per capita income, low taxes, and low unemployment rate make for it. 

References:

Miami Beach FL Home Prices & Home Values. (n.d.). Zillow. Retrieved March 10, 2023, from https://www.zillow.com/home-values/5924/miami-beach-fl/

Miami Beach FL The cost of utilities: https://www.numbeo.com/cost-of-living/in/Miami

Food prices in Miami: https://www.numbeo.com/food-prices/in/Miami

Miami Dade County taxes: https://www.citynmb.com/286/Sales-Use-Tax

QuickFacts, Miami Beach city, Florida, per capita income: https://www.census.gov/quickfacts/fact/table/miamibeachcityflorida/POP060210