The 5 Cheapest Miami, FL Neighborhoods To Live In For 2024

The cheapest Miami neighborhoods are Wynwood and Islands for 2024 based on Saturday Night Science.

Worst Neighborhoods In Miami
Source: Wikipedia User Averette | CC BY 3.0

Everything else equal, we can all agree that living in a cheaper place is better than living in a more expensive place.

I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.

And while every neighbhorhood in Miami might be more expensive than living in rural Florida, there are certain neighborhoods that are definitely cheaper.

What exactly are those Miami neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?

Instead of relying on public opinion and speculation, we wanted to get the facts straight and determine which neighborhoods in Miami are the cheapest using Saturday Night Science.

The Cheapest Neighborhoods In Miami For 2024

  1. Wynwood
  2. Islands
  3. Model City
  4. Downtown
  5. Flagami

What’s the cheapest neighborhood to live in Miami for 2024? According to the most recent census data, Wynwood looks to be the cheapest Miami neighborhood to live in.

At this point, we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Miami. You could be sacrificing location or crime rates for more space and cheaper groceries.

Read on to see how we determined the places around Miami that deserve a little bragging rights, or maybe you’re interested in the worst neighborhoods in Miami.

For more Florida reading, check out:

Table Of Contents: Top Ten | Methodology | Summary | Table

The 5 Cheapest Neighborhoods To Live In Miami For 2024

Wynwood Miami, FL

Source: Public domain
Overall SnackAbility


Population: 17,923
Cost Of Living Index: 104 (7th cheapest)
Home Value To Income Ratio: 2.9 (2nd cheapest)
Rent To Income Ratio: 0.024 (4th cheapest)
More on Wynwood: Data | Real Estate

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Population: 112
Cost Of Living Index: 138 (12th cheapest)
Home Value To Income Ratio: 2.4 (cheapest)
Rent To Income Ratio: 0.0 (cheapest)
More on Islands: Data | Real Estate

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Population: 25,023
Cost Of Living Index: 93 (2nd cheapest)
Home Value To Income Ratio: 3.9 (3rd cheapest)
Rent To Income Ratio: 0.033 (12th cheapest)
More on Model City: Data | Real Estate

Downtown Miami, FL

Source: Wikipedia User | CC BY-SA 3.0
Overall SnackAbility


Population: 19,627
Cost Of Living Index: 117 (9th cheapest)
Home Value To Income Ratio: 5.4 (4th cheapest)
Rent To Income Ratio: 0.025 (6th cheapest)
More on Downtown: Data | Real Estate

Overall SnackAbility


Population: 59,848
Cost Of Living Index: 100 (6th cheapest)
Home Value To Income Ratio: 6.7 (8th cheapest)
Rent To Income Ratio: 0.028 (7th cheapest)
More on Flagami: Data | Real Estate

Methodology: How We Determined The Cheapest Miami Hoods In 2024

To rank the cheapest places to live in Miami, we had to determine what criteria define “cheap” and then apply Saturday Night Science.

Using Census and extrapolated BLS data, we arrived at the following set of criteria:

  • Overall Cost Of Living
  • Rent To Income Ratio
  • Median Home Value To Income Ratio

We then ranked each neighborhood with scores from 1 to 14 in each category, where 1 was the cheapest.

Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.

And finally, we crowned the neighborhood with the lowest cheapest neighborhood index, the “Cheapest City Neighborhood In Miami.” We’re lookin’ at you, Wynwood.

We updated this article for 2024. This is our fourth time ranking the cheapest neighborhoods to live in Miami. Skip to the end to see the list of all the neighborhoods in the city, from cheapest to most expensive.

Summary: Lowest Cost Places To Live In Miami

If you’re measuring the neighborhoods in Miami where prices are low, and it’s cheap to live, this is an accurate list.

The most affordable neighborhoods in Miami are Wynwood, Islands, Model City, Downtown, Flagami, Coral Way, Little Haiti, North Coconut Grove, South Coconut Grove, and Overtown.

As mentioned earlier, the neighborhoods in Miami aren’t all cheap. Upper Eastside takes the title of the most expensive neighborhood to live in Miami.

The most expensive neighborhoods in Miami are Upper Eastside, Little Havana, West Flagler, Allapattah, and Overtown.

We ranked the neighborhoods from cheapest to most expensive in the chart below.

For more Florida reading, check out:

Detailed List Of The Cheapest Neighborhoods To Live In Miami For 2024

Rank Neighborhood Cost Of Living Index
1 Wynwood 104
2 Islands 138
3 Model City 93
4 Downtown 117
5 Flagami 100
6 Coral Way 122
7 Little Haiti 92
8 North Coconut Grove 155
9 South Coconut Grove 144
10 Overtown 93
11 Allapattah 94
12 West Flagler 110
13 Little Havana 96
14 Upper Eastside 122
About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.