Miami, FL

How much money do you need to live in Miami in 2022?

Toni Koraza
Photo by wayhomestudio on Freepik

Costs of living are skyrocketing in the Magic City.

The rising inflation numbers are dominating the news channels next to the war in Europe and primary election results. However, Miami has made it on the list as one of the cities with the highest and most rapidly rising inflation.

People from all over the globe, including the other 49 states, flocked to South Florida over the past couple of years. Unfortunately, this dynamic has pushed the prices and made buying a home ridiculously more expensive than in pre-pandemic times.

With property prices, food, gas, and even your gaming consoles became more pricey.

So, let's take a look at how much do you need to live in Miami in 2022

Miamians are facing strong price surges across the board

A standard Miami life is almost 20% more expensive compared to Florida's median costs of living.

Renting a one-bedroom anywhere in the city would set you back anywhere between $1,800 - $3,000/mo in 2022, according to Numbeo.

You could save some money living with a partner or roommates. Renting with others would significantly reduce costs to about ~$1,000/mo.

Then you can add:

  • Transportation: $538/mo
  • Groceries: $331/mo.
  • Utilities, including internet: $138/
  • Healthcare: $6,675/yr
  • Entertainement: $221
  • Clothes: $313

The average individual would need $3,535 a month (after tax) to afford a standard Miami life. So that would set you back $42,420 a year, after-tax.

If you're buying a Miami home in today's market, get ready to cash out $398,100 for a median house.

This would change the dynamic of personal spending and saving. For example, the median monthly mortgage would cost $1,503, according to Sofi calculations.

Please note that the above prices represent medians and averages. Many individuals live with salaries well below $42,420/yr. A large population of Miamians earns less than $25,000 a year.

Are you worried about the rising prices of food and rent in Miami?

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