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How Much Does It Cost to Retire in Miami, FL?

Miami is home to a lot of retirees and for good reason. The fantastic climate and abundant activities mean retirement is like being in a resort year round. Miami has a lot of neighborhoods to choose from and is home to world-class medical care and other amenities.

Miami is a big city, so it is important to research a neighborhood and spend a few nights there before you commit to the location. Your long-term happiness is too important to neglect this important step. A lease can be hard to get out of once you sign on.

Cost Of Living In Miami

The cost of basic housing and utilities in Miami is very reasonable for what you get unless you are in search of some of the posher neighborhoods. Housing right on the water front is going to cost a premium as well. Many seniors choose to have a roommate at some point.

Splitting utilities, rent, and maybe cooking some meals together can save thousands of dollars per year in some cases. You may also be able to afford larger accommodations with a roommate or afford a more desirable neighborhood.

Utilities such as cable television and the internet are sometimes not included in basic rental or lease rates at retirement communities. Make sure you realize what you are getting before you sign a lease. The value of included cable and internet can easily be $120 per month.

One bedroom apartments in Miami rent for $1986, and a two bedroom apartment rent averages $2793. The median price to buy a home in Miami is $293,700. Over the past year, home values have ticked up but not exploded. There are bargains to be had in some of the neighborhoods such as Miami Beach.

As your needs increase and you need more services, your monthly costs will go up. It is best to plan for some extra expenses when you are figuring out what accommodations you can afford over the years.

Exploring Your City

Transportation options all have their advantages and disadvantages. If you don't plan on doing a lot of travel or activities that require immediate transportation, then it is going to be cheaper to not maintain a private vehicle.

Public transportation is widely available and very inexpensive. Retirement communities or assisted living centers usually include some level of transportation in the monthly fee you pay. Organized group outings can be a great way to have some fun with those in your community.

Finding Fun And Entertainment In Miami

You certainly should not expect to have to go far to find a lot of fun things to do. A day at the beach is easy to have many days out of the year. Major musical acts, as well as local bands, are always playing somewhere in Miami. Abundant dining options and a lot of places to volunteer are other options to help fill your new found free time.

Learn more about Miami Retirement Planning here:

What's the Cost of Living in Miami, FL?

Miami Financial Advisors

Miami Elder Law Attorneys

Miami Senior Realtors

Miami Senior Movers and Downsizers

Miami Neighborhood Guide

Live Like a Local in Miami

Miami Demographics and Lifestyle

Find assisted living in Miami near you.