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Everything else equal, I think 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.
So 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 find out which neighborhoods in Miami are the cheapest.
The Cheapest Neighborhoods In Miami For 2022
What's the cheapest neighborhood to live in Miami for 2022? According to the most recent census data, Islands looks to be the cheaptest 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 in return 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.
Once you're done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Florida reading, check out:
- Best Places To Live In Florida
- Cheapest Places To Live In Florida
- Cheapest Cities To Live In America
- Cheapest States To Live In America
The 5 Cheapest Neighborhoods To Live In Miami For 2022
Population: 112
Cost Of Living Index: 137 (12th cheapest)
Home Value To Income Ratio: 2.4 (cheapest)
Rent To Income Ratio: 0.0 (cheapest)
More on Islands: Homes For Sale | Data
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Population: 33,229
Cost Of Living Index: 91 (2nd cheapest)
Home Value To Income Ratio: 3.3 (3rd cheapest)
Rent To Income Ratio: 0.031 (9th cheapest)
More on Little Haiti: Homes For Sale | Data
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Population: 17,923
Cost Of Living Index: 102 (7th cheapest)
Home Value To Income Ratio: 2.9 (2nd cheapest)
Rent To Income Ratio: 0.024 (6th cheapest)
More on Wynwood: Homes For Sale | Data
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Population: 30,065
Cost Of Living Index: 119 (9th cheapest)
Home Value To Income Ratio: 3.8 (4th cheapest)
Rent To Income Ratio: 0.018 (4th cheapest)
More on Downtown: Homes For Sale | Data
/10
Population: 25,023
Cost Of Living Index: 90 (cheapest)
Home Value To Income Ratio: 3.9 (5th cheapest)
Rent To Income Ratio: 0.033 (11th cheapest)
More on Model City: Homes For Sale | Data
Methodology: How We Determined The Cheapest Miami Hoods In 2022
In order to rank the cheapest places to live in Miami, we had to determine what criteria defines "cheap".
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, Islands.
Read on below to learn more about what it's like to live in the cheapest places Miami. Or 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.
As we mentioned earlier, the neighborhoods in Miami aren't all cheap. West Flagler takes the title of the most expensive neighborhood to live in Miami.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Florida reading, check out:
- Most Dangerous Places In Florida
- Richest Cities In Florida
- Safest Places In Florida
- Worst Places To Live In Florida
Detailed List Of The Cheapest Neighborhoods To Live In Miami For 2022
| Rank | Neighborhood | Cost Of Living Index |
|---|---|---|
| 1 | Islands | 137 |
| 2 | Little Haiti | 91 |
| 3 | Wynwood | 102 |
| 4 | Downtown | 119 |
| 5 | Model City | 90 |
| 6 | Allapattah | 94 |
| 7 | Flagami | 100 |
| 8 | Overtown | 93 |
| 9 | Little Havana | 97 |
| 10 | North Coconut Grove | 156 |
| 11 | South Coconut Grove | 145 |
| 12 | Coral Way | 123 |
| 13 | Upper Eastside | 123 |
| 14 | West Flagler | 110 |
