When it comes to emigrating to the United States, Miami is one of the most wanted cities by Latin Americans. One of the most frequently asked questions of future residents is How much does it cost to Live in Miami? and to help them we are going to explain several factors:
The average salary for the state of Florida is U$D$ 23.19 an hour, which represents an average annual salary higher than U$D 51,000.
The Florida minimum wage is $ 8.56 per hour (as of January 1, 2020). This assumes that a young couple that works 40 hours a week and earns the minimum, has a monthly income of about U$D 3,000.
Rent : The average monthly rental price is U$D 1,600 depending on the size of the property:
✓ 1 room: U$D 1,200.
✓ 2 rooms: U$D 1,500.
✓ 3 rooms: U$D 2,200.
Most contracts that are signed are for periods of 12 months, but it is also possible to find owners who accept contracts of 6 months, or even month to month.
Buy : Always keep in mind that in Miami prices vary depending on the place and location of the property. A 1 bedroom apartment with a beach view can be found from U$D 200,000.
Public : People who live legally in the United States have access to free public education at both the primary and secondary levels.
Private : Private schools can be expensive, monthly pay from U$D 250 to U$D 300 plus other expenses. For uniforms U$D 70 is paid annually and for books U$D 200.
Used car : You can pay instantly or financed. In Miami you get good deals on used vehicles in very good condition from U$D 5000.
New car : If you have the necessary resources you can buy a new car from U$D 9,000. Registering said car will be worth about $ 100, with annual renewals of around U$D 58. Vehicle insurance varies by model and can cost from U$D 40 to U$D 200 per month. Filling the gas tank costs you around U$D 40.
Public transportation : There is no metro or subway. People move with the Metrorail (monorail), Metrobus and Metromover (similar to the tram) networks. The Metromover is free to use, while an EASYCard must be used for Metrorail and Metrobus. The ticket or bus ticket costs U$D 1.25 per trip and you can get a transfer that allows you to take two transports with an addition of U$D 0.25.
Health insurance varies according to the policy, age and number of people insured, but they are usually expensive. A family can pay monthly in medical insurance between U$D 150 and U$D 400.
The monthly budget for a family of four is U$D 800. To give you an idea of the prices:
✓ Liter of milk costs U$D 1.1
✓ 12 eggs cost U$D 2
✓ 1 kilo of tomato costs U$D 4.5;
✓ 500 grams of cheese are worth $D 8;
✓ A package of 4 rolls of toilet paper costs U$D 3.24 u
✓ A box of toothpaste is worth U$D 2.
Cell Phone : Plans range from $ 30 to $ 60 a month depending on subscription services.
Fixed telephone : Telephone service costs around U$D 50 monthly.
✓ Beaches, squares, public courts for different sports and bicycle paths are free.
✓ A monthly gym subscription costs from U$D 40.
✓ A ticket to the cinema costs around U$D 12.
✓ A haircut costs from U$D 15 plus tip.
✓ A coffee in the center from U$D 3.
✓ A pint of beer in a downtown bar from U$D 5.
✓ A lunch menu in the center from U$D 15.
The sales tax in Miami is 7% and is not usually included in the prices that are seen on the labels of the items.
If you were interested in the content of this note and want to know more about the benefits of investing, living or buying a property in Miami, write to us at [email protected] or visit our website www.flipexmiami.com.