Miami vs. Los Angeles – living costs compared

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So you’ve decided to move from one major city to another. And as you know, there is no such thing as a “perfect city”, there are only pros and cons. As one of the most reliable moving companies in Florida, we would like to present you with, Miami vs Los Angeles – living costs compared article. Here we’ll talk about the basic differences between these cities and their living costs. So let’s see what each city holds for you and let’s dive in!

Miami vs Los Angeles – Rent

Now the first difference is that in L.A. 63 % of all households are rented while the rest 38% are occupied by owners, in Miami it’s the exact opposite 33% of all households are rented while 67% are occupied by owners. Now when we talk about prices of rentals according to Zumper prices one bedroom apartment is $2400,00 in L.A. and $2500,00 in Miami. Studios are even cheaper in L.A. with a median rent of only $1,695 per month, compared to $2, 000 in Miami. As you can see the prices are increasing everywhere since the post-pandemic inflation is kicking in. Also, the conflict in Ukraine probably won’t end soon, which is another problem since the gas prices are increasing and that is causing the increase of all other products.

A couple talking while moving into a new apartment;
Rent prices aren’t cheap and they’ll continue to rise. Stick to the good old rule that you should spend a maximum of 30% of your salary on rent.

If you’re moving from Miami to Los Angeles you would probably want to know much have prices increased. Now if we take a look at previous months the prices have already started to increase. In Los Angeles prices for a studio have increased by 1 %. While the rent for one bedroom and two bedroom apartments has increased by 2 %. On the other hand prices of studios in Miami have increased by 5 % which is higher than in L.A. Now the prices of one bedroom apartments have increased by 11 % while 2 bedroom apartments have increased by 21%. So according to this date if you’re looking simply at rent L.A. would be our suggestion since the prices aren’t changing that often and it’s cheaper. But there are many other factors to consider, so let’s move on.

Miami vs Los Angeles – Household prices

Now if you want to buy a house the median home price is $571k while the median home price/Sq Ft is $411. The median price of the sold house is  $500K. This city has a lot of homes for sale over 7000 in July 2022, in 46 different neighborhoods and prices can go up to 150 million. This is not expensive compared to L.A. since the median price of sold houses and price of the house is $ 1 million. Also, the median home price/Sq Ft is $657, so as you can see real estate prices are much higher in Los Angles. Also, you have to understand that L.A. is the capital of the East Coast and that it’s close to Hollywood, Beverly Hills, and other luxurious neighborhoods.  In L.A. there are over 9000 homes for sale right now and the prices range from $3.7K to $250 million.

Blue house with lights turned on;
Now, this may not be the best time of the year to buy a house but as you can see Miami is almost double the price.

Now the house prices in L.A. have been increasing steadily by 3.6 year by year. While the prices have increased by 2.8% only this year since June 2022. Now in Miami it’s a bit different since prices increase by 27.2% year by year. But if we compared it to June 2022 prices haven’t changed at all. Also since you’ll be moving interstate think about items that you should never move.

Prices of gasoline, natural gas, and electricity

Now in L.A., the price of a gallon of gasoline was $6.423 which is already 24.7 % higher than the nationalaverage. If we compare that to last year when the price per gallon was $4.295 which was $2.128 cheaper. But still,  in June 2021 prices were 34% higher than the nationalaverage as we can see gasoline isn’t cheap in California. In June 2022 residents of L.A. paid 24.7 cents per kWh which is 21.8 % higher than in June 2021. That is 54.4 % higher than the nationalaverage. Now gas prices have increased from $ 1.647 per therm in June 2021 to $ 2.284 in June 2022. We as long distance movers in Florida can help you when it comes to moving. But you’ll have to know that California is one of the most expansive states to live in.

Now when it comes to Miami prices for kWh in June 2022 it was 11.36 cents per kWh; which is lower than the nationalaverage of 16.0 cents per kWh. Now gasoline prices have increased from $2.896 per gallon (June 2021) to $4.774 (June 2022). Still, gasoline is less expensive than the nationalaverage which is $5.149 per gallon (8% cheaper). We can see that gas prices have increased from $2.457 per therm in  June 2021 to $2.790 per therm in June 2022. So the prices have increased by 13% since last June and Miami has 65% more expensive gas than the nationalaverage.

A woman sitting at the desk with a bunch of bills around her and thinking about utilities in Miami vs. Los Angeles;
Now when we compare Miami vs Los Angeles we’ll easily notice that utilities in L.A. are more expensive than in Miami.

The Conclusion

We’ll present our conclusion so you can decide for yourself.

  • Rent in Miami for one bedroom apartment is $100 cheaper so Miami wins this round
  • Price/Sq Ft is $411 in Miami compared to $657 in L.A. so Miami wins again
  • All utilities (gasoline, pipe gas, and electricity) are cheaper in Miami
  • Transportation is less expensive in Miami by 12% and it’s more convenient
  • Food and restaurant prices are almost similar with L.A. being 3% cheaper
  • Healthcare is more expensive in Miami than in California by 15%

Most of the state to state movers Florida residents recommend can tell you that as you can see every city has its advantages and disadvantages. We also found that costs of living in California are 26.4% more expensive than in Florida. There is more to this because we also found out that the average yearly salary is $57,417 vs Miami’s $39,000. This is maybe the biggest contributing factor related to prices of living. The average hourly wage in L.A. is $22.6 per hour vs Miami’s $18.75 per hour. This concludes our topic Miami vs Los Angeles – living costs compared. We hope that it helped you and have a great move!