How Much Do You Have to Make to Be Upper Class in Miami
Miami, Florida is a popular tourist destination, drawing travelers from all over the world. However, it’s also a very populated city that’s growing by the year.
Home to more than 455,000, Miami is known for its culture, food, and nightlife, not to mention its beaches and tropical climate. It’s also pretty expensive to live there given these elements, though there are poor and rich areas.
Let’s take a deeper look at what it costs to be considered upper class in Magic City.
How Many People Move to Miami Each Year?
Miami happens to be one of the fastest-growing cities in the US. From 2022 to 2023, there was a 1.3% population growth.
Prior to the pandemic, people were moving to Magic City in droves. That has since slowed down, but it remains a popular choice for those looking to move to the tropics.
Cost of Housing
A one-bedroom apartment in the center of Miami is around $2,800 per month, while a three-bedroom apartment is just over $5,000. If you choose to live outside of the center, which is located downtown, the costs drop slightly to $2,100 and $3,800, respectively.
The average home price in Miami is just over $579,000, which is approximately 55% more than the national average.
Cost of Food
Food costs are approximately 9% higher in Miami than in the US. Milk costs over $4 per gallon, while bread and eggs cost more than $3 and $4, respectively. Produce can range in price from $1 to $3 per pound.
Eating out is also costly. A meal at a mid-range restaurant will set you back around $105 for two people.
Cost of Utilities
In Miami, the price of utilities is slightly higher than the national average, too. Basic utilities, including electricity, water, heating and cooling, and garbage pickup cost more than $150 per month for a one-bedroom apartment.
Internet is an average of $65 per month and a mobile phone is nearly just as much.
Cost of Transportation
Getting around is pretty easy in Miami as there are numerous forms of public transportation. A monthly pass for the bus service costs $113.75 while taxis cost $2.10 per mile.
As of November 2024, gas prices in Miami are around $2.60 per gallon of regular.
Overall Picture
Overall, Miami residents face a 14% higher cost of living than the rest of the US and 11% higher than Florida as a whole.
In order to be considered upper class in this city, you’ll have to make at least $93,000 annually. The top 5% of the population makes around $414,000 and the top 20% makes $203,000 per year.
