Miami Beach cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMiami BeachFloridaNational
Cost of living index126100100
IndexMiami BeachFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index17295100
Transportation index117105100
Utilities index97102100
A general summary of the cost of living index in Miami Beach, FL is shown above. Compared to the state average of Florida the cost of living index in Miami Beach, FL is 126, which is 26% higher than the average in Florida and compared to the national average it is 26% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Miami Beach, FL goods and services come in at 6% higher than the average in Florida and are 6% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Miami Beach is 26% higher than the Florida average.
  • The cost of living in Miami Beach is 26% higher than the national average.
  • The cost of housing in Miami Beach is 72% higher than the national average.
  • Florida general sales tax is 18% higher than the national average.
  • Florida state income tax is 100% lower than the national average.

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Compare Miami Beach, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Using the salary calculator lets you compare the salary you earn in Miami Beach, FL to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Miami Beach, FL, you have to earn a higher income in order to still have the same standard of living. To operate the Miami Beach, FL salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,341$6,278$1,758$2,260
Renters$32,133$2,678$750$964
If you want to find a good determining factor for the cost of living and the general affordability of housing in Miami Beach, FL, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Miami Beach, FL, the median monthly income is $75,341 for those who own their own homes. Under the standard rule, that income level would allow for $1,758 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $32,133, per the median income in the area. That would allow for renters to spend up to $750 on monthly rental expenses.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
For those who live in Miami Beach, FL and want to know what the true cost of living is, they ought to look at both the Florida income tax rate and the Florida sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Florida, the sales tax is 6%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Florida, the income tax rate ranges between 0% to 0%.

Goods & Services

ItemMiami BeachNational avg.Difference
Haircut $15.60$14.596.9%
Beauty Salon $45.00$34.6829.8%
Toothpaste $2.70$2.479.2%
Shampoo $1.07$1.024.7%
Movie $10.81$9.879.5%
Bowling $8.26$4.3988.1%

Groceries

ItemMiami BeachNational avg.Difference
Ground Beef $5.13$4.4814.6%
Fried Chicken $1.57$1.467.2%
Milk $2.71$2.3615.0%
Potatoes $3.39$3.0610.7%
Pizza $8.99$9.242.7%
Beer $8.43$8.632.3%

Health Care

ItemMiami BeachNational avg.Difference
Optometrist $80.50$99.7819.3%
Doctor $97.86$105.036.8%
Dentist $97.00$88.709.4%
Ibuprofen $10.49$9.4111.5%
Lipitor $332.58$298.5011.4%

Housing

ItemMiami BeachNational avg.Difference
Home Price $341,000.00$175,700.0094.1%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $1,115.00$920.0021.2%

Transportation

ItemMiami BeachNational avg.Difference
Gasoline $2.32$2.0911.1%
Tire Balancing $59.59$45.2931.6%

Utilities

ItemMiami BeachNational avg.Difference
All Electricity$166.37$170.802.6%
Phone $27.52$28.262.6%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Fisher Island, FL2401066%
Medley, FL94090-10%
Pembroke Park, FL6,22089-11%
Brownsville, FL14,83593-7%
Opa-locka, FL15,86794-6%
Miami Beach, FL90,66912626%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Rio Rancho, NM90,6271033%
Redding, CA90,72512525%
Spokane Valley, WA90,82993-7%
Orem, UT90,4851022%
Lawrence, KS90,19498-2%
Miami Beach, FL90,66912626%
Source: The Miami Beach, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.