Miami is known for its beautiful beaches and year-round great weather. In fact, it’s the warmest U.S. city in the winter, making it a hot spot for retirees or snowbirds looking to escape the cold weather.
Miami is located on the south side of Florida in Miami-Dade County. Named after the Miami River, Miami was actually founded by a woman. It’s the only major U.S. city founded by a woman, too.
Miami has a great nightlife scene. There are several restaurants, bars, hotels and shops located along the beach. You’ll always have something to do when living in Miami. The city is also a cultural melting pot with people from Cuba, Haiti and other Caribbean islands calling the city home.
This beachfront city is a popular tourist destination but it’s also a wonderful, balmy place to come home to. We’ll walk you through the average rent in Miami and help you determine if you can afford to make Miami your new home.
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What is the average rent in Miami?
The price of rent is one of the most important factors to understand when moving to a new city. You need to understand how much of your income will be absorbed by rent and if the city fits your lifestyle. If you’re looking to move to Miami, here are some numbers to pay attention to.
In Miami, the median cost of rent is $3,228 per month, which is 60% above the national average — $2,007 — for rent. Based on Rent. data, the least expensive apartment complexes in Miami can be rented for $2,068 a month while high-end apartments will cost $4,408.
Miami is more expensive that other cities in Florida, too. The median rent in Florida is $2,333 comparatively. If you’re looking to move to Miami, you can expect to pay more in rent than you would in other Florida cities.
Cost of living in Miami
Now that we’ve talked about the median cost of rent in Miami, let’s look at other factors that make up the cost of living so you can see the full picture. For those who call Miami home, you can expect to pay more than the national average for those amazing, beach-side sunsets.
- The overall cost of living in Miami is 22.8 percent more than the national average
- Housing costs in Miami are 52.8 percent more than the national average
- Food costs in Miami are 19.4 percent more than the national average
- Utilities in Miami are 6.3 percent more than the national average
- The cost of transportation in Miami is 7.4 percent more than the national average
- Healthcare costs in Miami are 6 percent less than the national average
- The cost of miscellaneous goods and services in Miami is 7.5 percent more than the national average
In almost all categories, the cost of living is higher in Miami compared to the national average. However, Miami residents get a small break in the cost of healthcare compared to other cities in the US.
As you can see from the cost of living data, you’ll pay a pretty penny to live in Miami. That being said, the city is one of a kind. You have just about everything you could ask for — amazing scenery, beautiful weather, great food, endless entertainment and a variety of stunning apartment complexes in nice neighborhoods to choose from.
The most and least expensive Miami neighborhoods
In all cities, you’ll get a mix of neighborhoods to choose from and Miami is no exception with close to 20 distinct neighborhoods. Each neighborhood has its own feel and elements that make it unique.
In Miami, you can choose from neighborhoods in the heart of downtown or in the financial district or near the cove. Let’s look at the most and least expensive neighborhoods in Miami.
The most expensive Miami neighborhoods
If you can afford it, the most expensive neighborhoods in Miami are incredible. You might have ocean views or be within walking distance of downtown Miami. Not only are the neighborhoods top-notch, but the apartments themselves are usually high-end with great amenities.
The most expensive neighborhoods in Miami are:
- Miami Financial District — $4,408 (+5.25%)
- Brickell — $4,390 (+12.15%)
- Downtown — $4,229 (+7.39%)
- Brickell Village — $3,945 (+20.48%)
- Edgewater — $3,691 (+10.36%)
All of the apartments in the most expensive neighborhoods in Miami have seen year-over-year price increases. You can bet that these neighborhoods will continue to grow in popularity and price.
The least expensive Miami neighborhoods
If you want to live in Miami but prefer not to invest in the top five most expensive neighborhoods, check out some of these other neighborhoods that have the lowest rental prices in the city.
The least expensive neighborhoods in Miami are:
- Reflections — $2,058 (+14.04%)
- Palms of Boca — $2,100 (+10.33%)
- Boca del Mar — $2,469 (+8.53%)
- Buena Vista — $2,547 (+56.28%)
- Sandalfoot Cove — $2,639 (n/a)
Like the most expensive neighborhoods, rent is increasing year-over-year in the least expensive neighborhoods, too. The data clearly shows that rent is increasing all over Miami as it’s a hot place to live (literally and figuratively!).
Average rent prices in top Miami neighborhoods
If rent is too high or too low in the neighborhoods listed above and you’re looking for something just right, here is a list of the top Miami neighborhoods with median rent prices. Pick the right Miami neighborhood for you, today!
| Downtown | $4,352 | 6.48% |
|---|---|---|
| Wynwood | $3,428 | 15.18% |
| Coral Way | $3,240 | 36.25% |
| Little Havana | $1,979 | 31.17% |
| Miami Central Business District | $3,229 | -41.28% |
| Golden Pines | $3,451 | 37.16% |
| Midtown Miami | $3,455 | 15.07% |
| Edgewater | $3,543 | 6.55% |
| Wynwood Arts District | $3,435 | 21.52% |
| Reflections | $2,121 | 15.68% |
| Buena Vista | $2,340 | 40.09% |
| Miami Urban Acres | $3,034 | -4.56% |
| Brickell Village | $3,500 | 6.26% |
| Palms of Boca | $2,100 | 10.33% |
| Southwest Coconut Grove | $3,057 | |
| Boca del Mar | $2,635 | 12.01% |
| Brickell | $4,444 | 12.40% |
| Miami Financial District | $4,750 | 12.28% |
| Riverside | $2,565 | 30.12% |
| Sandalfoot Cove | $2,639 |
How much do I need to make to live comfortably in Miami
Experts say that you should spend no more than 30 percent of your income on rent and housing costs. Keep in mind, that includes utilities! So, how much money do you actually need to make to live in Miami and still have money for other bills and expenses?
If we stick to the 30 percent logic for housing and the median rent is $3,228 a month, that means you’ll spend $38,736 a year on housing costs. In other words, you’ll need to make $129,120 a year to live comfortably in Miami. Find out how much you can afford in Miami using our rent calculator tool.
Find your perfect Miami apartment
Now that you’ve seen the numbers and understand how much it costs to live in Miami, you can decide if this town is right for you.
People who live in Miami seem to love it. You’ll pay a lot of money to live here, but you are paying to live in one of the most desirable places in the country. In Miami, you’ll always have easy access to the beaches, good food, things to do and pleasant weather. Find your dream apartment in Miami today and make this city your new home.
