Picture those sunny days and the tall, swaying palm trees above Miami’s busy streets. Most folks here are on a quest. Some are searching for love, others a fresh job start, and many are looking for a new place to call home. If you’re one of those seeking a new home, you’re in the right spot.
Real Cost of Living in Miami
The “Magic City” is a bustling metropolis known for its beautiful beaches, vibrant culture, and thriving economy. Naturally, it lures people from all over the world. While life under the Florida sun promises adventure, having a comfortable home base is key. That’s where your apartment search begins and with it, consideration of your living expenses.
Miami's real estate scene
The main question you should ask yourself is: Is Miami good for real estate?
The answer is more complex, but I will try to answer it as best as possible.
In 2023, Miami continues to be a top pick, not only for retirees and holidaymakers but also for intelligent investors and landlords seeking unexpected real estate opportunities in the Magic City.
Property prices in central Miami have risen compared to the previous year, indicating a growing interest from investors in the city.
Besides luxury condos, investors are now looking into properties in Miami neighborhoods, providing attractive prospects for redevelopment and long-term investments.
PwC’s 2023 Emerging Trends in Real Estate report has positioned Miami as the 7th most robust real estate market in the nation due to its rapidly expanding and bouncing economy.
Miami can be a great place to rent or buy a home. Its population is growing, and the unemployment rate is decreasing. Great news, right?
Comparing current home transactions to the booming period of 2021-22 can be challenging, as that era witnessed historically low mortgage rates of 2.65%.
In February 2023, the median sales price for single-family homes in Miami-Dade County can be up to $631,670, an increase from the previous record in February 2022.
According to the Apartment List, the city’s median rent is $1,931. This means that year-over-year, prices have decreased by 1.8%.
Miami-Dade’s impressive price growth, surpassing 10%, is a clear sign of pent-up demand. This is happening even with mortgage rates currently at 7%, and it’s expected to surge further when mortgage rates drop in 2024.
- The average rent for 1-bedroom apartments can vary from $2,365 to $3,637
- The average rent for a 2-bedroom apartment can vary from $3,050 to $3,750
- The average rent for a 3-bedroom apartment can vary from $3,936 to $7,217
Of course, it’s essential to consider that these figures are merely averages and approximations. In certain parts of the city, one-bedroom and two-bedroom apartments are more affordable. The ultimate price of your property depends on multiple factors, including the neighborhood it’s situated in and its condition.
How much are utilities in Miami?
The cost of utilities can fluctuate due to various factors, such as the geographical area, consumption rates, utility service providers, and residence size.
Miami utility costs can be expensive, especially if you like to live comfortably. Still, there is something for everyone’s wallet. The monthly utility bill for Miami residents can vary depending on factors like the size of the home, energy consumption, and the specific services included in the bill.
Miami can drive up energy expenses. The average monthly electricity cost for a Miami household can be around $100-150, but it will depend on the use of air conditioning and the size of the living space. Summers in Miami can be hot and humid. According to EnergySage, on average, in Miami-Dade County, FL, residents spend about $260 monthly on electricity. That adds up to $3,120 per year.
The monthly water expense in Miami can be around $30-50, depending on water consumption.
Keep in mind that these costs don’t include garbage collection, which is an area that Miami needs to improve.
Don’t forget about internet prices. We all know that in this fast digital world where online presence is everything, we simply can not live without a fast internet connection. The average cost for a strong WiFi connection in Miami is around $65.89. On average, you can expect to pay between $30 to $70 monthly for a primary home internet plan in Miami.
Additional amenities such as cable TV, phone service, and trash disposal will elevate the overall utility expenses in your apartment.
Fortunately, Miami is a vast city that offers numerous opportunities for well-paying jobs in various fields, which will be able to cover all these monthly expenses.
How much do groceries cost in Miami?
Housing costs in Miami, FL, are approximately 50% higher than the national average. Grocery and clothing prices are also roughly 9% higher.
Indeed, these are all rough price estimates, varying significantly based on the quantity you purchase and the specific stores you shop at.
You’ll notice a difference in your expenses if you opt for more frequent restaurant dining. In Miami, you can expect to pay approximately $17 per person for an average meal when eating out.
The city is incredibly popular and has many great dining places. True to its nature, it’s home to numerous well-loved restaurants that provide top-notch service and exceptional cuisine. Stubborn Seed, Boia De, Ariete, and LaMar are some of them.
Is it worth it to move to Miami?
Why do people keep moving to Miami? The answer is quite simple: it’s all about the Miami Lifestyle!
Living in Miami is like stepping into an endless summer with its cultural richness and stunning beaches. Yet, despite factors such as the cost of living and the appeal of year-round warmth, the decision should be weighed carefully.
If you decide to take that step, know that Sunbeam Movers are always here for you. Get ready to shine with us and get your free moving quote today!