Cost of Living in Miami: Here’s What Renters Need to Know

Moving to a new city is a big deal — it’s rarely a walk in the park, especially when you’re a renter trying to find your footing in a major hub like Miami. Trying to pinpoint that perfect apartment that ticks all your boxes (location, lifestyle and, of course, your budget) can feel overwhelming.

That’s why getting a real handle on the cost of living in Miami is such a vital first step, long before you even think about signing on the dotted line for a lease. You want to feel confident in your decision, and that starts with knowing the financial lay of the land.

Miami has long been the hottest rental market in the U.S., no matter the time of year. With sky-high demand, limited available apartments and multiple applicants often vying for the very same unit, snagging a spot in this city can feel like hitting the jackpot.

So, by truly understanding the average cost of living in Miami, you can really get your finances in order. This preparation helps you avoid any unexpected surprises down the road and ensures your move to the Magic City is as smooth and stress-free as possible.

What’s the average cost of living in Miami?

Living in an apartment in Miami isn’t just about enjoying sunny beaches and strolling down palm-lined streets — though those are definitely perks! Getting smart about your budget is also important. As of March 2025, the median household income in Miami sits at $67,760. Now, that number might seem pretty similar to what you’d find in a lot of other big cities. But here’s the kicker: the overall cost of living in Miami tells a slightly different (and often more challenging) story.

What really pushes the cost of living in Miami so high? Housing is the biggest factor by far: Housing is the biggest factor by far, coming in at a whopping 57% higher than the national benchmark, and still 51% higher when you look at the rest of Florida.

Beyond just your rent or mortgage, things like utilities, groceries and just general goods and services are also noticeably more expensive here. It’s not all grim news, though! Healthcare stands out as a small bright spot, being about 2% cheaper compared to the national average.

While the cost of living in Miami can certainly feel high, there are a few areas where you might find a slight break.

Breaking down the cost of living in Miami

Getting a real feel for the cost of living in Miami means looking beyond broad comparisons and percentages. While it’s helpful to know how Miami stacks up against national and state averages, those numbers don’t always tell you what it’ll mean for your everyday spending.

Every budget is unique, so let’s get a clearer picture of Miami’s cost of living by examining the actual prices of everyday essentials. This breakdown reveals the true cost of various things, helping you understand the real day-to-day expenses in the city.

Housing (Buy and Rent)

• Average monthly rent (as of May 2025): $2,733
• Average home price: $711,025
• Mortgage rate: 6.70%

Utilities

Whether you’re renting or owning a home in Miami, you’ll have to pay for basic utilities. Here’s what to expect:

• Energy bills: $220.47/month
• Phone bills: $197.31/month

Food

Grocery costs are one of the top indicators of the cost of living in Miami. Here are the prices for some of the most common grocery items:

• Milk (one gallon): $4.80
• Eggs (dozen): $3.77
• Bread: $4.56
• Potatoes: $5.30
• Cheese: $5.23
• Ground beef: $7.24

Healthcare

Healthcare is one of the few areas where Miami saves you a little:

• Doctor’s visit: $134.75
• Dentist: $118.47
• Optometrist: $110.39

Transportation

Fuel and maintenance costs vary, but here’s what you’ll typically spend in Miami:

• Gas (per gallon): $3.43
• Tire balance: $58.87

Goods & Services

These everyday expenses help you get a clearer view of the cost of living in Miami:

Clothing:

• Men’s shirt: $28.46
• Women’s slacks: $33.22
• Boy’s jeans: $27.44

Services & Entertainment:

• Haircut: $23.64
• Beauty salon: $87.63
• Dry cleaning: $20.98
• Movie ticket: $16.32

Is Miami a good place to live as a renter?

Living in Miami definitely has its perks — and a few challenges, too. It’s one of the most dynamic, diverse, and sunniest cities in the country, which makes it a great place to call home. But it’s also one of the most expensive places to live, not just in Florida, but across the U.S.

That said, renting in Miami can still be a great choice but you need to be prepared and know what to expect. With a clear picture of the average cost of living in Miami, you can budget smarter and enjoy everything the city has to offer without being caught off guard.