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It’s not just you: Miami really is one of the least affordable places to live in the country. But it’s not only because of the high cost of housing, healthcare, transportation and taxes. A family of four spends almost $85,000 per year to live in Miami-Dade County, according to the updated Family Budget Calculator released by the Economic Policy Institute, a progressive Washington-based think tank. Along with the above-mentioned items, the calculator estimates costs for food, child care and “other necessities.” That makes Miami the 41st most expensive place to live among America’s largest 100 metros when measured in pure cost. The EPI study mirrors previous surveys that have ranked Miami as high on costs and low on wages, and adds further context to how difficult it is to make ends meet here. But the real problem is low wages. The median two-parent, two-child Miami household earns less than $52,000 a year, according to the Institute, which uses data from the U.S. Census and nonprofits to create its analysis. That makes Miami families the least well-paid among the top 25 metros in the country, and makes the city the second least affordable among the top 100. (Only New York City is less affordable.) According to the EPI calculator, the average Miami rent for an “adequate but modest” two-bedroom apartment, is about $1,300. For instance, Zillow currently lists 82 two-bedroom units in Miami that cost between $1,200 and $1,400. Most are concentrated in Little Haiti. But don’t go thinking Broward is necessarily cheaper. According to the calculator, the annual cost of living in Broward is $87,000. The reason: While food and healthcare costs are about the same as Miami, other expenses are higher. One crucial difference: Broward’s median family income is...Read more
Miami Herald l Wednesday March 14, 2018
Here’s how much it really costs to live in Miami. (Broward is higher!)