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 111, with 100 being the average.
The cost of living index in Miami is 1.1x higher than the national average.
Miami ranks as the #359 cheapest in Florida out of 459.
Miami ranks as the #4,219 cheapest out of 6,412 in the US.
The median home value in Miami is $369,100.
The median income in Miami is $47,860.
According to the most recent data on the cost of living, Miami has an overall cost of living index of 111, which is 1.1x higher than the national index of 100.
Compared to Florida, Miami has a cost of living index that's 1.1x higher than Florida's index of 101.
The standard of living in Miami ranks as #359 most affordable out of the 459 places we measured in Florida. By definition, that implies Miami ranks as the #100 most expensive place in the Sunshine State.
For more reading on life in Miami, check out:
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 100.
The Groceries index in Miami is 116.
The Health index in Miami is 102.
The Housing index in Miami is 123.
The Transportation index in Miami is 107.
The Utilities index in Miami is 99.
|Living Expense||Miami||Florida||National Average|
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 2017-2021. The key points are:
The Median Home Value in Miami is $369,100.
The Median Rent in Miami is $1,361.
The Median Income in Miami is $47,860.
The Home Value To Income in Miami is 7.7x.
The Rent To Monthly Income in Miami is 0.34x.
|Median Home Value||$369,100||$248,700||$244,900|
|Home Value To Income||7.7x||4.0x||3.5x|
|Rent To Monthly Income||0.34x||0.25x||0.2x|
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 113, 1.0x Miami.
Miami Beach, FL has a cost of living index of 132, 1.2x Miami.
Kendale Lakes, FL has a cost of living index of 108, 1.0x Miami.
|City||Population||Cost Of Living||Vs. Miami|
|Pembroke Pines, FL||170,346||113||1.0x|
|Miami Beach, FL||83,469||132||1.2x|
|Kendale Lakes, FL||53,392||108||1.0x|
|Coral Gables, FL||49,269||164||1.5x|
|Richmond West, FL||37,626||117||1.1x|
|West Little River, FL||33,284||95||0.9x|
|Miami Lakes, FL||30,582||125||1.1x|
|Coral Terrace, FL||25,869||117||1.1x|
|The Crossings, FL||22,382||116||1.0x|
|Country Walk, FL||18,627||122||1.1x|