How Much Does It Cost to Live in Miami, Florida?

Miami is a medium city located in Florida with a metropolitan area population of 413,892. A couple could live a moderate lifestyle in Miami on a budget of $4,571 per month, or $54,855 per year.

Cost of Living in Miami, Florida

As noted above, the cost of living in Miami, Florida is $4,571 per month for a couple living a moderate lifestyle. This budget consists of $2,809 for housing related costs, $763 for food, and $1,000 for other costs, all of which will be broken down below.

Housing

  • A one-bedroom apartment in the city center of Miami is estimated to cost $2,555
  • Basic utilities including electricity, water, and gas will run about $171
  • High-speed internet averages $84

Food

  • Typical grocery costs of $547 per month include things like bread, eggs, milk, cheese, rice, chicken breast, bottled water, fruits, and vegetables
  • Alcohol including beer and wine for moderate home consumption costs about $99
  • Frequent coffees in a neighborhood café are estimated to be about $117

Other

  • Meals out are estimated to be $534 per month, including 4 meals in mid-range restaurants and 8 in inexpensive restaurants
  • Transportation costs of $280 for public transport passes and occasional taxis
  • Fitness center memberships of $115
  • Cinema tickets of $70 include several outings for international releases

Note that Miami, Florida is a very walkable city with a Walk Score of 98/100, which means you won’t need a car if you are living in the city center and you may even save some money by not using public transportation and taxis very often.

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Amount of Money Needed to Retire in Miami, Florida

Many people searching the internet for the cost of living in Miami, Florida are doing so to see if and when they can quit their jobs and retire. A popular and easy way to calculate your retirement number is using the 4% Rule.

The 4% Rule estimates that a person(s) could withdraw 4% of their retirement nest egg and never run out of money. Using this calculation, a couple would need an investment portfolio of $1,371,375 to live a moderate lifestyle in Miami, Florida.

Annual expenses of $54,855 ÷ 4% = $1,371,375 portfolio needed.

Of course, everyone’s financial situation is different, and the above calculation could change based on any other sources of passive income and social security income.

Summary

Overall, the cost of living in Miami, Florida is affordable coming in at $4,571 for a couple living a moderate lifestyle. Those seeking to retire could do so comfortably with a retirement portfolio of $1,371,375.

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