How Much Money Do You Need to Move to Miami?
Miami is an amazing city with great weather and a diverse cultural background. It’s no wonder that the city receives a lot of tourists! But, did you know that 250 people move to Miami every day? That’s right! Miami also receives a big influx of newcomers looking to find a home.
So if you’re thinking about finding a home in this sunny city, you have probably wondered about how much money you need to move to Miami. What would your monthly expenses look like? What salary would you need to keep up with them?
In this article, we’ll talk a bit about how much it costs on average to move to Miami and live there. Also, we’ll tell you what your monthly expenses might look like, so you know what to expect.
What salary do you need to live comfortably in Miami?
Probably the first question on your mind if you are considering moving to Miami is: how much does it cost to live in Miami per month? Here we’ll do a little breakdown so you can have a general idea.
For this, we will assume you want to have a place of your own. How much would that cost in Miami?
An average Miami one-bedroom apartment requires about $2,000 per month for rent. And the monthly cost of utilities for one person should average around $150.
As for food costs, you can survive comfortably with a $400 budget per month. However, this amount would allow for very few meals out.
In the transportation department, you could use public transport, but most Miami professionals have a car and drive to work. So, you should factor in another $150 per month for car insurance. Also, you should factor in about $100 per month for gas. All of this assuming that you own your car. If not, you would have to take the car payment into consideration.
So, to live comfortably in Miami you would need a monthly income of about $3,500. This amount allows you to meet these expenses we’ve mentioned and also cover any extra costs. These costs could be expected -such as entertainment, auto repairs, and health insurance- or unexpected.
This means it would take a yearly income of about $42,000 to live a modest life in an average Miami one-bedroom rental.
How much do people win in Miami, on average?
We’ve already talked a bit about what the salary needed to live in Miami looks like. However, is it a reachable goal? How much do people earn in Miami, on average?
Salaries in Miami are low compared to the national average. This happens in part because services are in high demand. That’s why it’s common for people to have more than one job in this city.
A person working in Miami typically earns around $92,800 per year. That’s an average. Salaries range from $23,500 per year (lowest average) to $414,000 (highest average). Remember that these are also averages, so the lowest salary can go lower and the actual maximum salary is higher.
We have taken an average yearly salary reference that includes housing, transport, and other benefits. However, keep in mind that salaries in Miami vary drastically between different careers. So, if you are interested in the salary of a particular job or professional niche, you should definitely look into that.
How much money should I save for a trip to Miami?
Maybe you’d like to take a trip to Miami before deciding if you want to make it your new home. Or simply go on vacation. In these cases, how much money will you need for your trip to Miami?
A good rule of thumb could be to plan to spend about $164 per day. This is the average daily price we found based on the expenses of other visitors.
On average, past travelers have spent $33 on meals for one day and $32 on local transportation in Miami. Also, the average hotel price in the city for a couple is around $209 per night.
So, on average, one person would need $1,147 per week to have a comfortable stay in Miami. This would be around $2,293 on average for two people.
The first stepping stone in your plans to move to Miami
This is only the tip of the iceberg. Here we have given you a general picture of what moving to Miami will look like, economically speaking. However we encourage you to look on the internet and ask people that live in the city. There are a lot of resources available!
Author: Sabrina Ristorto