Whether you're considering relocation to Miami, Florida or just curious about the cost of living in Miami, Florida, the PayScale Cost of Living Calculator is the place to begin your research. When looking at the cost of living charts below, be sure to pay attention to the housing expense category. Housing costs and mortgage rates can vary by city because local banks can have different mortgage rates from their national competition. If you are serious about relocation to Miami, Florida, you might want to investigate local mortgage rate options before you put your house up for sale.
Cost of Living in Miami, Florida by Expense Category
Living in Miami, Florida
In recent years, Miami, Florida has become an international hub for all types of popular entertainment. Music, television, film and fashion all have a home in Miami. From production studios to fashion weeks, Miami has opened its arms to popular culture and style. Not only is Miami known for its culture, it was recently recognized by Forbes Magazine as the cleanest city in the country. Based on its good air quality, clean streets and the city-wide recycling program, Miami has become a clean and beautiful city in which to live and work. Downtown Miami encompasses the entertainment and culture of the city by providing residents and tourists with numerous museums, parks and gardens. Miami is also a major center for commerce, as many companies have established their corporate headquarters there. Cruise lines, television networks, airlines, banks and many international businesses are headquartered in Miami. Do all of the amenities of this metropolis increase the cost of living in Miami? Using PayScale’s Cost of Living Calculator you can find the cost of living in Miami and other Florida cities.
Researching Cost of Living - Florida
In many beachfront cities, the cost of living can be extremely expensive. Housing costs can skyrocket for homes on the water, or with waterfront views. For example, highly desirable waterfront properties contribute to the high Cost of Living in San Diego; the cost of housing alone is 125 percent above the national average. This dramatically high cost of housing can dissuade many people from living in sunny, waterfront cities. If you have been considering relocating to a sunny locale with ocean views, you may want to start heading east to Miami, Florida. The Cost of Living in Miami, Florida is relatively affordable; overall, the cost of living in Miami is only 15 percent above the national average. As expected, the cost of housing will be your highest living expense in Miami. More reasonable costs of groceries, transportation, health care and utilities help level out the cost of living in this Florida city. When it comes to cost of living, Florida is much more reasonable than the cost of living in California, making this sunny peninsula the perfect alternative to the West Coast.
Cost of Living Comparison
Considering its prime location, the cost of living in Miami is fairly low, but how does it compare to your city? Depending on where you are relocating from, your overall cost of living may be different than you think. Use PayScale’s Cost of Living Calculator to get a cost of living comparison between Miami and your current city.
Salary Comparison in Miami, Florida
Because of the numerous large corporations in Miami, there are many opportunities for high paying jobs in the city. Large corporations require many skilled workers; financial controllers and lawyers are essential to the management and organization of a company. Looking at a Salary Comparison by Job Title, you can see that financial controllers have a median salary of $80,274, and lawyers $76,982, two of the highest median salaries in Miami. For any location, one important factor affecting salaries is years of experience. PayScale's Salary Comparison by Years of Experience shows that Miami is not only a great place for college graduates to find jobs, but can also be lucrative for a long-term career. For employees with less than one year of experience, the median salary is $40,736. For those with at least 20 years of experience, the median salary increases to $72,606.