Miami Beach, FL Cost Of Living
Cost Of Living In Miami Beach, FL Summary
Cost of living in Miami Beach research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Miami Beach is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Miami Beach is 136, with 100 being the average.
The cost of living index in Miami Beach is 1.4x higher than the national average.
Miami Beach ranks as the #426 cheapest in Florida out of 459.
Miami Beach ranks as the #5,256 cheapest out of 6,489 in the US.
The median home value in Miami Beach is $508,352.
The median income in Miami Beach is $67,014.
Table Of Contents
Miami Beach's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Miami Beach, FL?
According to the most recent data on the cost of living, Miami Beach has an overall cost of living index of 136, which is 1.4x higher than the national index of 100.
Compared to Florida, Miami Beach has a cost of living index that's 1.4x higher than Florida's index of 97.
The standard of living in Miami Beach ranks as #426 most affordable out of the 459 places we measured in Florida. By definition, that implies Miami Beach ranks as the #33 most expensive place in the Sunshine State.
For more reading on life in Miami Beach, check out:
In Florida
In America
Miami Beach Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Miami Beach. Here is how it fairs on each of the criteria:
The Services index in Miami Beach is 105.
The Groceries index in Miami Beach is 105.
The Health index in Miami Beach is 98.
The Housing index in Miami Beach is 214.
The Transportation index in Miami Beach is 105.
The Utilities index in Miami Beach is 104.
| Living Expense | Miami Beach | Florida | National Average | |
|---|---|---|---|---|
| Overall | 136 | 97 | 100 | |
| Services | 105 | 96 | 100 | |
| Groceries | 105 | 99 | 100 | |
| Health | 98 | 98 | 100 | |
| Housing | 214 | 96 | 100 | |
| Transportation | 105 | 97 | 100 | |
| Utilities | 104 | 95 | 100 | |
Miami Beach, FL Housing Cost Breakdown
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Miami Beach is $508,352.
The Median Rent in Miami Beach is $1,733.
The Median Income in Miami Beach is $67,014.
The Home Value To Income in Miami Beach is 7.6x.
The Rent To Monthly Income in Miami Beach is 0.31x.
| Statistic | Miami Beach | Florida | United States |
|---|---|---|---|
| Median Home Value | $508,352 | $377,066 | $303,400 |
| Median Rent | $1,733 | $1,564 | $1,348 |
| Median Income | $67,014 | $71,711 | $78,538 |
| Home Value To Income | 7.6x | 5.3x | 3.9x |
| Rent To Monthly Income | 0.31x | 0.26x | 0.21x |
Median Home Value
Median Rent
Median Income
Miami Beach, FL Costs By Category
Detailed Miami Beach Services Costs Vs. Florida
| Item | Miami Beach | Florida |
|---|---|---|
| Shampoo | $1.53 | $1.28 |
| Movie | $14.35 | $12.13 |
| Bowling | $23.67 | $18 |
| Haircut | $20.53 | $24.26 |
| Beauty Salon | $88.07 | $45.56 |
Detailed Miami Beach Groceries Costs Vs. Florida
| Item | Miami Beach | Florida |
|---|---|---|
| Ground Beef | $6.11 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.6 | $4.67 |
| Potatoes | $5.24 | $4.93 |
| Pizza | $14.13 | $12.09 |
| Beer | $11.44 | $10.41 |
| Toothpaste | $3.51 | $3.7 |
Detailed Miami Beach Health Costs Vs. Florida
| Item | Miami Beach | Florida |
|---|---|---|
| Optometrist | $98.49 | $125.68 |
| Doctor | $127.08 | $135.78 |
| Dentist | $107.83 | $113.29 |
Detailed Miami Beach Transportation Costs Vs. Florida
| Item | Miami Beach | Florida |
|---|---|---|
| Gasoline | $3.49 | $3.46 |
| Tire Balancing | $64.09 | $59.92 |
Detailed Miami Beach Utilities Costs Vs. Florida
| Item | Miami Beach | Florida |
|---|---|---|
| All Electricity | $200.94 | $193.99 |
| Phone | $194.37 | $192.25 |
Miami Beach SnackAbility
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Cost Of Living In Cities Around Miami Beach
The cost of living varies in the cities and towns around Miami Beach. Here's a quick look at the cost of living in the most populous nearby places:
Miami, FL has a cost of living index of 125, 0.9x Miami Beach.
Pembroke Pines, FL has a cost of living index of 122, 0.9x Miami Beach.
Kendale Lakes, FL has a cost of living index of 118, 0.9x Miami Beach.
| City | Population | Cost Of Living | Vs. Miami Beach |
|---|---|---|---|
| Miami, FL | 446,663 | 125 | 0.9x |
| Pembroke Pines, FL | 170,557 | 122 | 0.9x |
| Kendale Lakes, FL | 52,141 | 118 | 0.9x |
| Tamiami, FL | 51,201 | 124 | 0.9x |
| Coral Gables, FL | 49,243 | 188 | 1.4x |
| Miami Lakes, FL | 30,731 | 136 | 1.0x |
| Coral Terrace, FL | 24,051 | 128 | 0.9x |
| The Crossings, FL | 22,359 | 125 | 0.9x |
| Palmetto Estates, FL | 16,587 | 120 | 0.9x |
| Key Biscayne, FL | 14,560 | 262 | 1.9x |
