Miami, FL Cost Of Living
Cost Of Living In Miami, FL Summary
Cost of living in Miami 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 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 is 125, with 100 being the average.
The cost of living index in Miami is 1.2x higher than the national average.
Miami ranks as the #381 cheapest in Florida out of 459.
Miami ranks as the #4,715 cheapest out of 6,489 in the US.
The median home value in Miami is $578,128.
The median income in Miami is $59,390.
Table Of Contents
Miami's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Miami, FL?
According to the most recent data on the cost of living, Miami has an overall cost of living index of 125, which is 1.2x higher than the national index of 100.
Compared to Florida, Miami has a cost of living index that's 1.3x higher than Florida's index of 97.
The standard of living in Miami ranks as #381 most affordable out of the 459 places we measured in Florida. By definition, that implies Miami ranks as the #78 most expensive place in the Sunshine State.
For more reading on life in Miami, check out:
In Florida
In America
Miami Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Miami. Here is how it fairs on each of the criteria:
The Services index in Miami is 104.
The Groceries index in Miami is 105.
The Health index in Miami is 97.
The Housing index in Miami is 169.
The Transportation index in Miami is 105.
The Utilities index in Miami is 103.
| Living Expense | Miami | Florida | National Average | |
|---|---|---|---|---|
| Overall | 125 | 97 | 100 | |
| Services | 104 | 96 | 100 | |
| Groceries | 105 | 99 | 100 | |
| Health | 97 | 98 | 100 | |
| Housing | 169 | 96 | 100 | |
| Transportation | 105 | 97 | 100 | |
| Utilities | 103 | 95 | 100 | |
Miami, 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 is $578,128.
The Median Rent in Miami is $1,657.
The Median Income in Miami is $59,390.
The Home Value To Income in Miami is 9.7x.
The Rent To Monthly Income in Miami is 0.33x.
Median Home Value
Median Rent
Median Income
Miami, FL Costs By Category
Detailed Miami Services Costs Vs. Florida
Detailed Miami Groceries Costs Vs. Florida
Detailed Miami Health Costs Vs. Florida
Detailed Miami Transportation Costs Vs. Florida
Detailed Miami Utilities Costs Vs. Florida
Miami SnackAbility
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Cost Of Living In Cities Around Miami
The cost of living varies in the cities and towns around Miami. Here's a quick look at the cost of living in the most populous nearby places:
Pembroke Pines, FL has a cost of living index of 122, 1.0x Miami.
Miami Beach, FL has a cost of living index of 136, 1.1x Miami.
Kendale Lakes, FL has a cost of living index of 118, 0.9x Miami.
| City | Population | Cost Of Living | Vs. Miami |
|---|---|---|---|
| Pembroke Pines, FL | 170,557 | 122 | 1.0x |
| Miami Beach, FL | 81,319 | 136 | 1.1x |
| Kendale Lakes, FL | 52,141 | 118 | 0.9x |
| Coral Gables, FL | 49,243 | 188 | 1.5x |
| Richmond West, FL | 35,988 | 132 | 1.1x |
| West Little River, FL | 33,147 | 105 | 0.8x |
| Miami Lakes, FL | 30,731 | 136 | 1.1x |
| Coral Terrace, FL | 24,051 | 128 | 1.0x |
| The Crossings, FL | 22,359 | 125 | 1.0x |
| Country Walk, FL | 18,693 | 133 | 1.1x |
