What's the cost of living in Miami for renters? We've got the breakdown.
For renters in Miami, the baseline monthly cost of living is from $1600-2400 — depending on roommates and not including entertainment, transportation and other expenditures.
Here's the TL;DR (too long; didn't read) overview — we'll dive into the details below!
Here's what you can expect to spend on major expenses each month as a renter in Miami.
This figure is definitely a guideline. A renter sharing a 2-bedroom apartment in Miami can expect to pay around $1,400/month on rent. Other essentials like food, utilities and cable/internet add around $600 extra. OK, cable and internet might not be "necessities" for everybody, but you need to watch the Dolphins and stream Game of Thrones, right? Yes.
Adding or removing a roommate from this 2-bedroom scenario can decrease or increase your monthly cost of living by about $400 — all because rent is by far the largest monthly expense for the vast majority of people living in Miami (and other major cities like Boston and Chicago).
Let's take a closer look.
Overall, Miami is only about 10% more expensive than the national average. It's housing costs where Miami really kicks your wallet in the pants (as you may have noticed above). Check out these broad cost comparisons for a second, then we'll jump into a more in-depth breakdown of the monthly cost of living for renters in Miami.
Here's what rent prices look like in Miami.
This infographic offers some insight into what rent prices look like in Miami (broadly) — having a couple roommates can cut your monthly rent payments in HALF.
Note: if you're on mobile, flip your phone horizontally!
HEADS UP! Rents are going up all over Miami.
Why bother telling you this? It's actually really important to know how the rental market is changing around you. The last thing you want to do is work your butt off for a 5% raise only to see it completely eaten up by a 13% increase in your rent. If you're optimizing for saving, you may want to live in an area where rents are growing more slowly or remaining relatively flat.
Let's look at what rents like in different neighborhoods in Miami.