The Good Side Enjoy Fewer Taxes Working individuals in Miami have no personal income tax benefit, allowing you to enjoy your entire earnings as well as your social pension if you retire. Florida collects a 6% sales tax, intangible tax from investments, and a required corporate income tax. You do not have to pay the tax on inherited wealth or property earnings, in addition to not paying sales tax. Property taxes vary by location, but residents usually receive a rebate if they pay in advance. While inhabitants must still pay federal income taxes and other miscellaneous costs like utilities, moving here might save you a bunch of charges if they watch their expenditures. Cheaper Utility Costs You will pay less in Miami because its bills are low in terms of utilities. The average monthly utility expense for a 915-square-foot apartment in the city is $115.27, according to Numbeo statistics. That is over $37 less than the national average of $152.08. This price includes water, power, garbage pickup, and internet connection. So you can save some money if you reside in the metro, mainly if you constantly use the air conditioner during summer days and the heater over the winter season. The Ride Here Is Not Difficult and Not Too Pricey The local government recently upgraded Miami’s public transportation system to manage more people, increase routes, and provide equitable pricing. Because of its extensive rides, you do not need a car to move around town. You can take Metrorail, a 25-mile rail system that costs $2.25 each, and use the EASY card, buy your ticket online, or walk-in at a Metrorail station. There is also the legendary Metrobus, which has over ninety-five routes and costs $2.25 per ride, with children under 42 inches tall traveling for free. You can also use ridesharing, e-bikes, motorbikes, and bicycles to avoid traffic. The Bad Side Other Expenditures Will Cost You More The unappealing aspect of Miami is that its total living costs are 23% more than the national average. One obvious factor is the area’s high real estate prices. This city’s housing market proportion is 142.7 percent, more significant than the national average. Meanwhile, other costs like food are also high, with a resident’s minimum food expenditure of approximately $358.70 and a monthly grocery consumption average of $324.53. On the other side, healthcare costs in Magic City are slightly higher than the national average. The Miami metro area is 6% higher than the national average. The Tampa and Port St. Lucie metro areas are 7% higher than the national average. It Is Not Easy to Get Your Dream House in An Instant Because Magic City’s property market is booming, it takes longer to find your perfect home than in other metroplexes. This industry’s average cost is 142.7, which is more than the national median, so you need a stable job to buy your flat or rent an apartment. Miami’s median home value is $350,000, with a monthly mortgage payment of $1,738. Rent is likewise expensive in this city, with a one-bedroom apartment costing approximately $1,068, a two-bedroom area for $1,355, and a three-bedroom space costing about $1,865. If you prefer to live in a low-crime neighborhood, you can choose Coral Way, Flagami, and Little Havana, where you can buy a house for as little as $150,000.