Housing costs in Miami?
A typical home costs
$529,900, which is 56.7% more expensive than the national average of
$338,100 and 46.2% more expensive than the average Florida home, at
$362,400. Renting a two-bedroom unit in Miami costs
$1,870 per month, which is 19.9% more than the national average of
$1,560 and close to the state average of
$1,890.
Can I afford Miami?
To live comfortably in Miami (zip 33101), Florida, a minimum annual income of
$101,520 for a family, and
$60,000 for a single person is recommended.
What does A.I. say about Miami?
The cost of living in 33101 Miami, FL is significantly higher than the national average. Housing costs in particular are sky-high, with the median home value estimated at $412,600. Utility costs are also above average, with electricity and water bills costing more than they would in other parts of the country. Additionally, groceries tend to be slightly pricier here due to the need to import goods from elsewhere. Fortunately, there are a few ways to save on living expenses such as by taking advantage of public transportation or participating in local energy efficiency programs.