The Real Cost of Moving to Miami
Drawn to the area’s warm weather, great beaches, and diverse cultural offerings, thousands of people move to Miami every year. If you’re planning to move here—even if you’ve already lined up a job—your planning shouldn’t stop there. It’s important to budget for all of your relocation expenses so unexpected outlays won’t topple your plans to begin your life in South Florida.
Housing Costs: Renting
The largest expenditure involves securing housing, which unfortunately, isn’t cheap in Miami. If you’re planning to rent, you can expect to pay $1,500 to $2,000 per month, depending on location and unit size. According to Rent Cafe, the average rent for all rentals in Miami is $1,641. For a one-bedroom apartment, average rent is $1,428 and for a two-bedroom, average rent is $1,784.
If you rent in an apartment community, you’ll need to pay the first month’s rent, a security deposit (typically up to one month’s rent, depending on your credit), and an application fee. If you have pets, most complexes require you to pay a pet deposit (typically non-refundable) of $300-$500. Some apartment buildings also charge pet rent, usually about $25 per month or less. If you rent a privately owned condominium, you may need to pay first month’s rent, last month, and a one-month security deposit. Many privately owned units accept pets and may charge a pet deposit prior to moving in. To be on the safe side, you should have three month’s rent in savings prior to a move. One good aspect of renting in Miami, however, is that you typically don’t have to pay a broker’s fee to secure an apartment.
Housing Costs: Buying
If you’re planning to buy a home prior to moving, your costs will be greater. The cost of your home will depend on the neighborhood where you chose to live. For example, in Downtown Miami, homes on the market are currently priced from $128,000 to $25,000,000, with median sale price of $360,000, per Neighborhoods.com In Overtown, north of Downtown, homes on the market are currently priced from $160,000 to $1,597,000, with a median sale price of $185,000.
An online calculator can help you estimate these costs—but remember they don’t always tell the whole story.
You’ll also have to pay property taxes, and the rate you’ll be changed depends on where you live. The median property tax in Miami-Dade County is $2,756 per year for a home worth the median value of $269,600, per Tax-Rates.org.
Housing Costs: Utilities
If you’re new to the state, you may be required to pay a deposit to secure electrical service at your home. Per Florida Power & Light, FPL charges deposits based on credit scores and anticipated use of electricity for two months. So, if you’re expected to use an average of $100 per month of electricity, you might be charged a $200 deposit.
Moving Costs
You never realize just how much space your belongings take up until you load them into a truck or car and cart them from point A to point B. The cost to move your belongings can also be eye opening. Just how much you’ll have to pay depends on the distance you’re travelling and whether you plan to rent a truck and do the moving yourself or hire a moving company. Whatever your plan, it’s best to research your options ahead of your move. According to Unpakt Blog, the estimated cost of moving within Miami ranges from $340.84 for a studio to $$1,464.94 for a four-bedroom.
Living Expenses Prior to Receiving Your First Paycheck
Even if you begin working on the first day you arrive to Miami, it may take two weeks or more before you receive your first paycheck. So you should plan on having enough cash on hand to pay for food and other necessities. Per Numbeo, monthly costs for a four-person family run about $3,567.12 (not including rent) and $988 for a single person (without rent). So you should plan on having about a month’s worth of expense money on hand so you’re not scrambling in your first days living here.
Car Expenses
Although there are some public transportation options, you’ll most likely need a car in Miami and might need to pay for parking. The average hourly rate to park in downtown Miami is $7. To park for 24 hours at a lot or garage, you will have to pay between $28 and $30. Monthly parking has an average cost of around $110 per month, per Parkopedia.