Cost of Living in Miami

In comparison to other major cities in the US such as New York, San Francisco and Los Angeles, the cost of living in Miami is significantly lower. That said, it's still a relatively expensive city when put into a global context, ranking 48th out of 209 cities worldwide in Mercer's 2021 Cost of Living Survey.

The cost of living in Miami is significantly affected by lifestyle choices – there are just as many opportunities to save as there are to splurge. Accommodation and transport are likely to be one's biggest expenses.

Cost of accommodation in Miami

The cost of purchasing a home in Miami has been continuously climbing over the past few years and looks set to continue. While this is good news for those looking to invest in real estate, it does mean that rental prices are also on the rise.

When looking for accommodation in Miami, new arrivals may notice that there's plenty of availability in new and expensive developments but there are far fewer options for people on a tight budget. It's worth noting, though, that outlying suburbs are generally cheaper than central inner-city areas, and adding a little extra to one's commute time can pay off when it comes to saving money on rent.

Cost of entertainment in Miami

Entertainment in Miami is often relatively expensive, especially in popular areas such as South Beach. There are, however, plenty of affordable things for expats to do in Miami, such as spending a day exploring the city's botanical gardens, hiking in the Everglades National Park or perfecting one's tan on the beach.

Cost of transport in Miami

The cost of public transport in Miami is reasonable, although most Miamians tend to own a car for convenience. As such, those planning a move to the city would do well to budget for the cost of buying a vehicle.

Cost of education in Miami

Expats and US citizens alike can attend public schools free of charge, many of which offer a good standard of education. Parents who wish to send their children to a private or international school in the city should note that school fees can be high and there are often additional expenses for things like school uniforms, stationery, extra-curriculars and textbooks.