The sun. The sand. The heat. And of course, the nonstop energy. What’s not to love about Miami, Florida? Well, for those who are thinking about traveling there, the cost of living just might be a factor to consider. So, how expensive is Miami? Let’s take a look.
Is Miami Expensive?
Let’s start by taking a look at Miami in comparison to several other major cities in the US. If we take a look at the cost-of-living index we can see that the average in the US is 100. Now, where does Miami rank on that scale? It’s at 123.1.
That number seems pretty high when compared to the average, right? But what about when compared to other major cities? Well, Los Angeles ranks at 148.6. San Francisco at 169.3, and New York at a whopping 187.2.
So that 123.1 doesn’t look quite so bad, right?
For reference, Chicago ranks lower at 106.9 and Philadelphia is even lower than that at 101.2.
But none of these numbers mean that Miami has to be off the table when it comes to anyone’s dream trip. Rather, it means that there might be other factors to consider. After all, just like anywhere, Miami has some areas that are more expensive and some that are … a little more budget-friendly.
Staying on Vacation
For those who want to stay in Miami for a short while, taking a vacation in this beautiful city doesn’t have to be expensive. Of course, there’s always the options for luxury car rental Miami to really spice up your trip. But let’s take a closer look at some of those less expensive options for your hotel first.
Staying in South Beach is going to be your high-end option, even the budget hotels here tend to be over $150 a night and can be as much as $200. And when you get into the luxury hotels … you’re looking at costs of over $1,000 per night.
But if you want to keep it a little more low key you can opt for the Miami International Airport area where hotels are available as low as $90 a night and even the luxury options don’t get up over about $400.
Of course, you could opt for hostels, home sharing, vacation rentals, and other options that can help you save some money as well.
Eating on Vacation
What happens when it comes time to grab a bite? Well, that’s where it’s going to depend on what you’re really looking for. Because Miami has a little bit of everything, from fast food at $10 per person on up to Michelin-star restaurants that start at $150 per person on up. And of course, everything in between.
South Beach and the Design District tend to have the higher end meals while Little Havana and Wynwood tend to have more budget-friendly options, but with some great flavors. And the good news is you can still enjoy all your favorite nightlife too.
Cocktails, beers, wine, nightclubs, it’s all available at any price point. For the lower end choose a casual bar or club with drinks starting at $4 on up and nightclubs that have entry fees around $20. Or, if you’re looking to really splurge you can find high-end nightclubs with entry fees at $100 on up, and drinks that cost $20 or more. Not to mention you can find bottle service starting at $350 and going up from there.
Getting to Your Dreams
Now, how expensive is Miami Florida when it comes to driving? Or at least getting around? It doesn’t have to be as expensive as you might think. You could take the trolley for free, or get on the metro (either the Metrorail or the metrobus) at $2.25 one way. You could also rend a taxi or Uber for around $15-30 to get you where you want to go, or rent a car to have more control over what you want to do for the day.
There is a little less in the way of public transportation compared to other large cities, but you can make things work for you, especially if you’re looking to keep to a budget. Public transportation is cheaper than other options, especially when you factor in the parking fees at most attractions and hotels.
What if You Want to Stay?
For those who are looking at staying in Miami permanently … well, there’s a lot to consider. You want to know how expensive is it to live in Miami but you might be surprised about the answer.
As mentioned earlier, the cost of living in Miami is actually a little lower than some other major cities, but it’s a little higher than some as well. So it’s going to depend on a few factors, like the specific area of Miami you decide to live in, and the specific style of living you’re looking for.
If you’re planning on living in Miami you won’t need to worry about a rental car or hotel costs, but you will need to pay attention the entertainment costs. Because considering how expensive is Miami to live means thinking about what you’re going to do there. But you’ll also need to look at housing prices.
Housing in Miami
The cost of a place to stay for the long-term is generally not cheap in Miami. Whether you’re looking to buy or to rent, the prices tend to be … high. Even if Miami is considered only a little more than average compared to other large cities.
So, if you’re looking for a house you’ll be looking at a median cost around $630,000. Or if you’re looking for a rental you’ll be looking at around $3,000. All told, Miami has been rated as the second least affordable city in the country for renters. And the first-place finisher? Providence, Rhode Island. So, Miami is even more expensive to rent in than New York or Los Angeles (#3 and #4 respectively).
What does all of this say? It says that for those who are wondering how much it costs to live in Miami … the answer is, a lot.
That doesn’t mean it has to be out of reach, but it’s something to think about carefully before committing. And maybe you should take a trip there with your rental car from Real Car Miami before you do. You’ll see everything that Miami has to offer, and you’ll be glad you did.
