The True Cost of Living in Miami 2024

If you’ve been considering a move to Miami, you wouldn’t be alone. A study by Remitly found Miami was the third-most desirable global relocation destination, outranking Dubai and Valencia. Miami, and Florida in general, has remained an attractive housing destination, despite its beleaguered property insurance industry. The average cost of home insurance in Miami is already sky-high, at $10,041 per year according to rate data from Quadrant Information Services, but if you’re considering a move down south, it’s not the only expense to consider. Before you pack your bags, you’ll first need to understand the true cost of living in Miami.

Miami cost of living and population statistics

Miami’s cost of living is driven by factors besides housing. Here are a few key insights.

Housing costs in Miami

When evaluating the true cost of living in Miami, housing is one of the most important factors. According to RealtyHop’s Housing Affordability Index for January 2025, Miami is the third-least affordable place to live in the U.S. Housing costs eat up a significant portion of a budget; households spend nearly 87 percent of their monthly budgets on mortgage payments and property taxes alone.

Average cost for a house

The average home price in Miami has skyrocketed in recent years. This is partly due to the fact that many Americans moved to Florida since the COVID-19 pandemic began in 2020.

In the 12 months after July 1, 2020, an estimated 220,890 people moved to Florida according to the U.S. Census Bureau — the biggest population increase of any state during that time frame. In 2023, Florida experienced even more population growth with 365,205 new residents, accounting for 93 percent of the nation’s growth alongside Texas, North Carolina and Georgia. On average, there were about 1,000 new Florida residents per day.

During the pandemic, Florida was a popular place to move because of the lack of income tax, moderate real estate taxes, warm weather year-round and spacious neighborhoods. Due to increased housing demand, however, the median sale price of a Miami, Florida, home rose from $400,000 in June 2021 to $650,000 as of January 2025, with a median listing price per square foot of $501. From December 2023 to December 2024, the median home sale price in Miami grew almost 16 percent, around $90,000.

Homeowners insurance

Miami real estate is located in the heart of Florida’s homeowners insurance crisis. Increases in the severity and frequency of flooding and tropical storms combined with inflation, insurance fraud and a rocky economy have caused several companies to stop writing homeowners insurance coverage in Florida. As a result, homeowners have limited options and higher premiums. Although Florida’s home insurance market began to turn a profit toward the end of 2024, which could signal that the market is on the mend — but not every expert agrees.

If you’re planning to buy a home in Miami, you’ll need to steel yourself for high home and flood insurance premiums. Remember, home insurance on its own won’t cover flood damage. If you have a mortgage, your lender will likely require you to have both policy types. In Florida, it costs an average of $953 per year for a flood policy from the National Flood Insurance Program (NFIP). Private flood policies are also available, and prices will vary based on your home’s flood risk and how much coverage you need.

Average cost for an apartment

Renting is cheaper than buying in the 50 largest U.S. metros, Miami among them. However, that doesn’t mean it’s in everyone’s budget. On average, it costs $2,645 per month to rent an apartment in Miami. But, you could wind up paying more depending on where you live. The average cost of an apartment in Brickell Key is $4,210 per month, while Coconut Grove apartments cost $3,335.

In addition, you may also want to consider the fact that Miami has been experiencing a housing shortage since the mass migration to Florida began over the last few years. This could make it more difficult to find housing, let alone affordable housing. Rent prices have been steadily increasing, with no signs of slowing down.

Renters insurance

Renting, unlike owning, means you’re not financially responsible for your building’s structural damage or other buildings on the property. As such, a renters insurance policy doesn’t include dwelling (Coverage A) or other structures (Coverage B). Instead, a renters insurance policy includes financial protection for your personal belongings, liability insurance and additional living expenses. Because it covers less, it typically costs much less than home insurance.

Like a home insurance policy, renters insurance doesn’t include financial protection from floods. According to FEMA, some flood policies for renters start at just $100 per year. Without flood insurance, if a hurricane or severe storm causes a flood that wipes out everything you own, you would be responsible for replacing your belongings out of pocket.

The cost of driving in Miami

Like owning a home, owning and driving your vehicle in Miami is expensive. Here is what you need to know about car prices in Miami and how much it costs to insure your vehicle in the state of Florida.

Car prices

Car prices are up across the country, and that includes in Miami. Although prices are lower than they were at the peak of inflation, it’s still challenging for drivers to purchase an affordable new or used vehicle. President Trump’s proposed tariffs could also send new vehicle prices soaring.

According to a report from Cox Automotive, the average price of a new car in September 2024 was $48,397, and held steady throughout much of that year. The average price for a used car in April 2024 was $25,540, up slightly over the previous month but down from the year prior.

Even if you can find a great deal on a car, be prepared to sit in traffic. The average one-way commute in Miami takes 28.1 minutes. That’s almost two minutes longer than the U.S. average commute time of 26.4 minutes. Round-trip, you are looking at an average commute of almost one hour per day in Miami.

Car insurance

In Florida (like in most states), car insurance is a legal requirement. In addition, Florida is a no-fault state, which means drivers are required to carry personal injury protection (PIP). If you get injured in an accident, PIP pays for your medical bills and lost wages, up to coverage limits, regardless of which driver was at fault for the accident.

You may want to consider carrying comprehensive and collision coverage. Although Miami does not have as many car accidents as Daytona Beach, it is a heavily populated city and nearly 16 percent of Florida drivers are estimated to be uninsured. With the city’s high likelihood of accidents, knowing your insurance covers your vehicle’s repairs can give you greater peace of mind. Miami also has a high level of vehicle theft compared to other counties, which would be covered by comprehensive coverage.

Before you purchase a car insurance policy, it’s usually a good idea to shop around and get quotes from a few different companies. Keep in mind that some car insurance companies offer cheaper rates than others, so you should be able to find a policy that fits within your budget, especially if you can take advantage of discounts. The average cost of full coverage car insurance in Miami in February 2025 is $5,214 per year. Minimum coverage averages $1,442 per year. This is much higher than the national averages of $2,670 and $773 for the same coverage types, respectively. Miami car insurance is also significantly more expensive on average in comparison to the Florida statewide averages of $4,143 per year for full coverage and $1,121 per year for minimum coverage.

Public transportation

You can also rely on public transportation to get around and save money. Here are some of the popular public transportation options in Miami:

• Brightline high-speed rail system: The Brightline train connects Miami with Orlando, West Palm Beach, Boca Raton, Fort Lauderdale and Aventura.
• Metrorail: The Miami Metrorail includes 25 miles of track that connect the most populated areas of the city. There are 23 stations in areas like Miami International Airport, the Civic Center, downtown Miami and Jackson Memorial Hospital. The Metrorail runs from 5 a.m. to midnight seven days a week. The current standard fare is $2.25 each way or $5.65 for a one-day pass. You can pay using an EASY Card, EASY Ticket or the GO Miami-Dade Transit mobile app.
• Miami-Dade Metrobus: The Metrobus connects passengers to the major shops, schools, hospitals, entertainment and cultural centers in the area.
• Metromover: The Metromover is a free transit service that operates seven days a week in downtown Miami and the Brickell area. There are 21 stations, with stops near FTX Arena, Bayside Marketplace and Miami Dade College. Cars arrive every 90 seconds during rush hour and every three minutes during less busy hours.
• Tri-Rail: The Tri-Rail commuter rail service connects Miami with other South Florida communities in Broward and Palm Beach counties. The current standard fee is up to $8.75 one way or up to $17.50 roundtrip. Passengers can purchase a paper ticket or pay using an EASY Card.
• Trolleys: The City of Miami operates a free trolley service that runs from 6:30 a.m. to 11 p.m. Monday through Saturday and 8 a.m. to 8 p.m. on Sunday. There are many stops around the city and you can track the trolley online.

Other cost of living considerations in Miami

Outside of vehicle and housing costs, here are some other cost of living considerations:

• The average monthly utility costs in Miami for basic utilities including water, gas and electricity are approximately $246, just below the U.S. average of $253 a month.
• The cost of groceries in Miami is around $328 per week.
• The cost of a basic lunchtime meal (including a drink) in the business district in Miami, Florida is $29.
• The average WiFi cost for 60 Mbps in Miami is about $66 per month, though you may opt for faster service at a different rate.

Fun things to do in Miami

Miami is one of the most fun cities in the country and there is something for everyone to enjoy. If you’ve recently moved to Miami and are looking to explore the city, here are some things you might want to check out (and also add to your “living in Miami” budget):

• Beaches: One of Miami’s biggest draws is the beautiful weather that sticks around all year. The beaches of Miami are one of the city’s biggest selling points, whether you want a family-friendly beach, like Key Biscayne, or a more lively spot, like the famous South Beach in Miami Beach.
• Sports games: Miami is home to several popular sports teams including the Miami Marlins (MLB), Miami Dolphins (NFL), Florida Panthers (NFL) and Inter Miami CF (MLS). Miami Heat is one of the most popular NBA teams in the league. You can check out a game at the FTX center, which is centrally located in downtown Miami.
• Miami Design District: The Miami Design District is a neighborhood that celebrates the city’s arts, architecture and cultural scene. You’ll find shops with items curated by local artists, restaurants from Miami-based chefs and galleries with unique pieces from Miami artists.
• Perez Art Museum Miami: The Perez Art Museum Miami is located in South Beach. The 200,000-square-foot museum features a rotating collection of art from contemporary artists from the 20th and 21st centuries.
• Vizcaya Museum and Gardens: The Vizcaya Museum and Gardens is located in Coconut Grove, FL. It was built by James Deering in 1914 and is an architectural marvel, complete with 10 acres of gardens. Several movies have been filmed in the museum and gardens.
• Wynwood Walls: Wynwood Walls is also called the Urban Graffiti Art Museum Miami. As the name suggests, this mostly outdoor museum is dedicated to graffiti art.
• Bayside Marketplace: Bayside Marketplace is one of the biggest shopping and dining centers in Miami, with a variety of popular retail stores and restaurants.
• Little Havana: Little Havana is a neighborhood in Miami that showcases the city’s Cuban history. You’ll find Latin-inspired restaurants, shops and events that celebrate Cuban culture in South Florida.
• Brickell City Center: Brickell City Center is another shopping mall in Miami, with a variety of stores and restaurants.
• Zoo Miami: Zoo Miami is home to many exotic animals, including snakes, crocodiles, native Florida birds, lions, elephants, tigers, rhinoceroses and many others. Admission is free for kids under age two and zoo members.

Frequently asked questions

• Is Miami expensive to live in?

  While what “expensive” means will vary from person to person, Miami is among the pricier cities in the U.S. The cost of living in Miami is 15.4 percent higher than the national average. When looking to move into any part of Florida, there are more factors to consider than just the cost of rent or mortgage payments. Aside from the price and availability of auto, home and flood insurance, you may want to factor in the added risk associated with living in a location so prone to catastrophic losses.

• What salary do you need to live in Miami?

  MIT’s Living Wage calculator shows that a living annual income in Miami-Dade County would be $90,439 for two working adults with two children, before taxes. Comparatively, a single adult with no children would need an annual income of $50,464.

• How much does it cost to relocate to Miami?

  The cost of relocation to Miami depends heavily on where you are moving from. Other factors that contribute to relocation costs are:

  • How much you are bringing with you — it costs more to move a three-bedroom house vs. a studio apartment
  • If you need storage at a facility
  • If you hire movers to help pack, load and deliver your furnishings vs. doing it yourself
  • If you need a car transport
  • If you need to move a pet
  • Time of year
  • If you need insurance for breakables

  Since moving costs vary, you will want to get quotes from several moving companies and look for coupon codes and discounts to help cut costs. If you have flexibility with your moving date, you may want to inquire about off-season prices.

• How much is car insurance in Miami?

  The average cost of car insurance in Florida in February 2025 is $435 per month for full coverage, and $120 per month for minimum coverage.