Florida is one of the most popular states for individuals to retire to. With warm weather year round, great golf courses, and beaches surrounding the majority of the state, it is paradise for just about everyone. But even so, the cost of living in Florida, especially cities like Miami, can be high.
The cost of living in Miami is about 8.1% higher than the national average, as reported by Forbes. As a major city full of business as well as travel destinations, it can be pricey to live in Miami during retirement. You’ll want to understand where each of the costs come from before you decide to retire in the South Florida area.
If you’re looking to purchase a home in Miami, the median price runs around $215,300. If you are considering renting, the average one-bedroom in Miami will cost about $1880 a month while a two-bedroom averages to just under $2500. If you move out of the city center, that price can drop by a few hundred dollars.
This number is growing increasingly through the years, but there are areas of the city that are more expensive. North Coconut Grover, Downtown, and South Coconut Grove are some of the most expensive neighborhoods in Miami. For cheaper options, consider Little Haiti, Model City, or Overtown, which have the lowest rents of the city.
In addition to rent costs, basic utilities in Miami can run around $144 a month for a 915 square foot apartment. This number falls right into the national average.
As a major tourist city, there are definitely pricey restaurants in Miami. But in addition to those expensive attractions, you’ll be able to find dining options to fit any budget. The average three-course meal for two costs about $70 in Miami, but you can find a meal at an inexpensive restaurant for around $15.
The cost of groceries around the national average but does tend to fall on the more expensive side. For a gallon of regular milk, you should expect to pay about $3.50 while a dozen eggs could be more than $3.
Because Miami is a major city, you may not need a car to get around, although gas can be cheaper in the city than the national average. For the most part, rent in the Miami area lingers around $2 a gallon.
Taxis in Miami are also on the cheaper end of the spectrum, but a one-way ticket on local transportation will cost about $2.25.
How senior care in Miami compares to the rest of the country depends on the care that you’re looking for. If you need adult day care services, you should expect to pay $1,354 a month but nursing home care costs around $8,243 a month for a semi-private room and $9,733 for a private room.
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