If you’re considering a move to Miami, understanding the cost of living in the Magic City can help you make plans more confidently. In this guide, we break down the cost of living in Miami, from housing expenses to food and healthcare costs. We’ll provide data from local cost of living index and comparison tools, and look at how Miami ranks for livability compared to other U.S. cities. We’ll also share a handy set of additional online resources to measure and compare cost of living and expenses in other Florida cities. When you’re planning to live in a new city, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Cambridge Dictionary defines cost of living as “the amount of money that people need to spend in order to buy basic goods or services such as food, clothes, and a place to live.” This overall cost can vary significantly based on location, even within Florida. But the living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: These elements, when combined, establish the core costs associated with a particular way of living. However, the standard of living you achieve is largely influenced by your income and debts and how the dollar amounts compare to the costs of basic needs in your location or, in this case, the Miami community where you might want to live. Let’s take a quick look at some ways you can compare your current living cost with what you might experience if you move to Miami. A cost of living index (CLI) monitors how much these basic expenses go up or down over time in different states, cities, or regions. They provide a way to compare the price of maintaining a particular standard of living. The CLI for a city like Miami is calculated by assessing the price of essential goods and services, such as housing, food, transportation, and healthcare, in different areas. A local index is typically standardized, with a base city assigned a baseline index value (usually set at 100). Other cities are then compared against this benchmark. For example, a Florida community with a CLI of 125 would signify that living there is 25% more expensive than the base location, while an index of 75 indicates it’s 25% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for Miami from the AXIOS Miami Cost of Living Index: According to AXIOS, Miami has a higher cost of living than the national average. While Miami’s overall cost of living is 15.3 points higher than the baseline established for the 269 cities included in the index, it’s well below the costs to live in Seattle, which — with a CLI score of 145.7) is 45.7 points higher than the base of other scored communities.What makes up the ‘cost of living’ in Miami?
What’s a Miami cost of living index (CLI)?
Cost perspective
