Just how expensive is Miami? Here are the (small) rental options for under $2,000

Lianna Norman and Samantha Neely, Palm Beach Post
·3 min read

A study from apartment listing service RentCafe recently revealed that out of Miami’s 43 ZIP codes, there is only one where you can get up to 1,000 square feet of apartment space for $1,700 each month.

“Out of Miami's 43 ZIP codes we analyzed, 17 offer apartment spaces smaller than 600 square feet,” the study said. “While 25 neighborhoods provide living spaces between 601 and 851 square feet for $1,700.”

Here’s a quick breakdown of where you can rent in Miami for less $1,700 a month or less, which is the national average rent cost, according to RentCafe’s data.

Is it expensive to live in Miami?

According to RentCafe, housing is 50% more expensive in Miami than the rest of the country, and utilities cost around 6% more. The average price of food, clothing and groceries are also more expensive than the national average by around 9% in this data set.

Over the last year, Miami has made almost every list that measures sky-high rent and cost of living prices in the 50 most-populated metropolitan cities in the country. And in November, BankRate reported that the area’s overall cost of living is about 15% more expensive than the rest of the U.S.

Where is the most affordable place to live in Miami?

On Miami's northern end, ZIP code 33142, which covers part of Allapattah, offers the most bang for $1,700. Here, you can have up to 1,066 square feet of living space for that price.

Northern Coral Gables, ZIP code 33134, is where renters in Miami get the least bang for their buck. In Magic City, renters get around 427 square feet for the same budget that will buy over double that further north.

“Downtown ZIP codes, such as 33131 and 33130 (covering parts of Brickell), and 33132, offer between 494 and 565 square feet for those seeking the vibrant urban atmosphere,” RentCafe’s findings said.

“Generally, northern city ZIP codes offer more living space, with 33169 boasting 832 square feet. In ZIP codes that are south of downtown, $1,700 typically gets you less room than those that are north of the city center. However, many southern ZIP codes still provide more elbow room than those in the downtown.”

Is Miami cheaper than NYC?

Jackie Bild, a real estate agent at Douglas Elliman based in Miami, told USA TODAY that she has worked with a lot of New Yorkers moving to the state, especially since the pandemic. She said since March 2023, roughly 30% of her buyers in the past year were from New York City and more than half of her clients in the past two years have been from out of town.

Bild said in a report that "Florida is still affordable – for New Yorkers."

In January of this year, the median sale price of a home in New York state was $486,200. In Florida, it was $386,500.

However, RealtyHop’s Housing Affordability Index, released in December, examined the share of income U.S. households would have to spend on homeownership costs. Miami turned out to be the least affordable city in the U.S., followed by Los Angeles and New York.

This article originally appeared on Palm Beach Post: Rent prices in Miami, Florida. How much space can you get for $1,700?