F
32%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
97%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Miami Springs Florida National
Cost of living13298100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing19796100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Miami Springs, FL

The cost of living in Miami Springs affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Miami Springs is 132, which is 32% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you value affordability in your search for a new place to live, Miami Springs may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Miami Springs falls into this category, which may not align with your desire for an affordable place to call home.

When it comes to the cost of living in Miami Springs, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 97% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Miami Springs Affordable?

Is Miami Springs affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Miami Springs, the median home price is 130.8% higher than the national average and monthly rent prices are 18.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Miami Springs boasting a median household income of $65,910, 19.1% higher than the national average.

What Factors can Influence the Cost of Living in Miami Springs?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Miami Springs, the utilities index stands at 2.8% higher than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Miami Springs, the transportation index is 2.6% higher than the national average.

Where is the Data From?

The cost of living data in Miami Springs displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Miami Springs Area
Search Homes for Sale in Miami Springs, FL

Cost Of Living Quick Facts

  • The cost of living in Miami Springs is 35% higher than the Florida average
  • The cost of living in Miami Springs is 32% higher than the national average
  • Miami Springs housing is 97% 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

Most Affordable Places to Live in and Around Miami Springs

See all the best places to live around Miami Springs

Compare Miami Springs, FL Cost of Living

      vs
      How would you rate the cost of living in Miami Springs?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Miami Springs?
      Write a review to give others more information about this area.
      See all Miami Springs poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$100,538$8,378$2,346$3,016
      Renters$34,282$2,857$800$1,029
      A good indicator of the general affordability of housing in Miami Springs, FL, 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 Springs, the median monthly income is $100,538 for those who own their own homes. Under the standard rule, that income level would allow for $2,346 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $34,282, per the median income in the area. That would allow for renters to spend up to $800 on monthly rental expenses.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Miami Springs National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Miami Springs National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Miami Springs National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Miami Springs National avg. Difference
      Home Price $426,300.00$184,700.00130.8%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,121.00$949.0018.1%

      Transportation

      Item Miami Springs National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Miami Springs National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      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 Population Cost of Living Index National Avg.
      Medley, FL1,0538712.6%
      Pembroke Park, FL6,7168910.9%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      Miami Springs, FL14,04113232.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Dumas, TX14,0428811.8%
      Lakeland North, WA14,04213636.2%
      Hammonton, NJ14,04611212.1%
      Cahokia, IL14,0358019.9%
      Grand Falls-Windsor, NL14,032n/a 
      Miami Springs, FL14,04113232.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.