Miami, Florida is one of the most popular cities for investors and expatriates in recent years. With its warm climate, cultural richness and tax advantages (e.g. no state income tax in Florida), it offers a high quality of life. So much so that an international survey ranked Miami as the third most attractive city to move to worldwide. However, Miami is also among the most expensive cities in the US in terms of cost of living (ranked 4th nationwide). In this blog post, we will examine the cost of living in Miami based on 2024-2025 data under the headings of housing, transportation, healthcare, food and lifestyle. Covering both the real estate market from an investment perspective and daily living expenses, we provide an up-to-date guide to the financial aspects of living in Miami.
Miami Cost of Living (Summary Table) – Below are the average values for some of the main cost of living items in Miami:
| Expense Item | Average Cost (USD) |
| Rent (monthly) | ~$2.650 |
| House Price (median) | ~$650.000 |
| Basic Invoices (monthly) | ~$246 |
| Food Expenditure (weekly) | ~$328 |
| Doctor Examination | ~$137 |
| Car Insurance (annual) | ~$5.214 |
| Public Transportation (one way) | $2.25 |
Housing Rents
Residential rents in Miami are well above the national average. The average apartment rent in the city is approximately $2,650 per month. Of course, rent varies depending on the neighborhood and the characteristics of the property; in upscale neighborhoods, this figure is much higher. For example, in areas like Brickell Key, the average rent is around $4,210, while around Coconut Grove it is around $3,335. Rents have risen rapidly in recent years and are expected to continue to do so due to the limited supply of housing. While the data suggests that renting is still relatively affordable compared to buying, these rent levels can be challenging for many.
House Prices
Home prices in Miami have been on a serious upward trend recently. In 2021, the median home sale price was around $400k, reaching $650k by early 2025. Between 2023-2024 alone, prices increased by 16%, adding ~$90k to the median value. The massive influx of migration across Florida in the post-pandemic period (more than 365k new residents in 2023, or ~1000 people per day) also played an important role in these price increases. High housing prices translate into strong return on capital potential for investors, as real estate values rise as demand increases. On the other hand, there are additional costs associated with owning a home in Miami: home insurance premiums can be as high as $10,000 per year on average, mainly due to the climate risks of the region. This is a significant part of property owners’ expenses.
Transportation Costs
Transportation costs in Miami can be divided into private car use and public transportation options. Owning a personal vehicle can be expensive, especially due to insurance costs. For example, the average annual premium for full coverage auto insurance in Miami is ~$5,214 (about $435 per month), which is almost double the US average. Gas prices hover around $3.4/gallon, close to the national average.
Public transportation is a good budget-friendly alternative. There are Metrorail and Metrobus lines in Miami-Dade. A standard Metrorail/bus ticket costs $2.25 one way and an unlimited daily pass costs $5.65. There is also a free Metromover light tram system in the city center and free municipal trolley bus lines, making short-distance transportation cost-effective. In addition, parking fees and heavy traffic in the city can be counted among the indirect costs of car ownership.
Health Services Costs
Healthcare is known to be expensive across the United States and Miami is no exception. In general, healthcare costs in Miami are close to the national average (according to the cost of living index, healthcare costs in Miami are ~2% lower than the US average). However, a doctor’s visit can still cost an average of $137 without insurance. It’s important to have private health insurance; if you don’t have employer coverage, individual health insurance premiums can run into the hundreds of dollars per month. Therefore, those planning to live in Miami should include health insurance and potential medical expenses in their budget.
Food Prices
Food prices in Miami are higher than the US average, both in terms of grocery and restaurant spending. The average weekly grocery cost for a family of four in the city is estimated at approximately $328 . Prices of basic food items are also higher than the national average (about 7% higher). For example, a loaf of bread costs ~$4.24, a gallon (3.78 liters) of milk ~$4.99, and a 12-pack of eggs ~$3.70. Eating out can be much more costly: A typical lunch (including drinks) in downtown Miami during business hours costs ~$29 on average. Dinner for two in a restaurant can cost around $60-70, even in middling places.
Lifestyle Costs
Miami’s lifestyle amenities are another important aspect of your spending. Monthly basic utility bills (electricity, water, heating, etc.) average $246 in Miami, which is close to the US average of ~$253. A 60 Mbps fixed internet subscription costs around $66 per month. Entertainment and social life costs vary according to personal preferences, but these should also be taken into account. For example, the price of two tickets in a movie theater is about $30. A cocktail drink in the city costs $21 on average, while a monthly gym membership costs ~$84. Of course, there are no-cost activities like Miami’s public beaches or free events, but when you add in paid activities like nightlife, concerts or shopping, lifestyle expenses will take up a significant portion of the budget.
It is important to consider all of these expenses together when budget planning. Despite the high cost of living, Miami’s economic vitality, tax benefits and unparalleled quality of life attract many investors and new residents. With the right planning, it is possible to live a pleasant life in Miami and make investments with a high potential for long-term earnings.
