We all know living in Miami is not cheap, but what's a realistic salary enough to live a good and easy life in the Magic City?
It’s not exactly breaking news that Miami, with its ideal weather and cultural background, is one of the most expensive cities to live in. Or eat in. Or heck, even breathe in. When thinking about the cost of living in this in this sunny city, rising rent, home, utility and gas prices are some of the factors that come to mind. So, what’s the salary you need to live comfortably in Miami? It all comes down to where exactly you live, what you do, family size and, of course, your lifestyle preferences.
A U.S. News report ranked Miami fourth on the Most Expensive Places to Live in the U.S. in 2023-2024, with a median home price of $608,742 and average salary of $54,790. For those renting, the median monthly rent was also $1,492, according to the ranking.
Similarly, ZipRecruiter, using employer job postings and third party data, found that the average annual salary in Miami is $54,679 as of Jan. 24. Most salaries in Miami range between $38,750 and $69,593 annually.
On the lookout for perspectives about the lived reality of calling Miami our home, we asked our followers: “To live comfortably in Miami you need to make $____ a year.” Here are just a few of the answers they shared:
- “At apartment complex standards, at least ~80k”
- “At least 120,000$ per person and don’t expect to buy a house”
- “$150k/person. No kids just a puppy 🐶”
- “150k to 200k easy”
- “At least $250K”
- “$250,000 a year or month”
- “Single $120k, couple $200k, family 250-300k +”
- “I’d say about a combined income of a household of 4 $300k+ to live and enjoy life”
- “If you want ocean front lifestyle 1M+”
- “‘more'”
- “A flight north”
- “Make “THAT BAG” a year😂”
At least we have a sense of humor about it. So what does it take to not just feel like you’re surviving financially in Miami? According to MIT’s Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually. For two children, you’ll need $47.19 and for three, $61.62.
For two adults where only one is working, the living wage is $32.67 an hour with no children, $39.27 with one child, $43.48 with two and $48.49 with three.
Then a living wage for two working adults with no children would be $16.34 each. With one child it would be $21.92 and with two children, $25.95. Those with three children will have to make $30.51 each. Keep in mind that these numbers are estimates and amounts vary from place to place, even within the city.
In conclusion, I’ve got 99 problems and literally every single one of them could be solved with a higher salary… or whatever Jay-Z said. Miami is certainly not an easy place to live in, as it can be pretty expensive, but there’s no denying it’s a dream destination with lots to offer its residents. Living costs have increased for Americans as a whole, of course, but with careful budgeting you can make it work. And all the free activities to do here in the city will come in handy while you’re covering basic expenses.
