B
11%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
26%
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 North Miami Florida National
Cost of living11198100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing12696100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in North Miami, FL

Getting a feel for the cost of living in North Miami is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in North Miami is 111, which is 11% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Housing costs are a major factor in the North Miami cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 26.2% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is North Miami Affordable?

Wondering if North Miami is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In North Miami, for example, the median home price is 25.9% higher than what folks pay nationally, and monthly rent is 27% higher than the usual rates. Plus, income levels matter too, with North Miami boasting a median household income of $43,562, which is 21.3% lower than the national average.

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

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In North Miami, the housing index comes in at 26.2% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In North Miami, the utilities index is 2.8% higher than the national average.

Where is the Data From?

The North Miami cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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

Cost Of Living Quick Facts

  • The cost of living in North Miami is 13% higher than the Florida average
  • The cost of living in North Miami is 11% higher than the national average
  • North Miami housing is 26% 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 North Miami

See all the best places to live around North Miami

Compare North Miami, FL Cost of Living

      vs
      How would you rate the cost of living in North Miami?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in North Miami?
      Write a review to give others more information about this area.
      See all North Miami 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$63,388$5,282$1,479$1,902
      Renters$32,034$2,670$747$961
      To approximate the cost of living and the housing affordability in North Miami, FL, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in North Miami have a median income of $63,388. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,479 per month to avoid calamity and poverty. The renters in the city have an income of about $32,034, which would make their monthly maximum allowable rental costs $747.

      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 North Miami 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 North Miami 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 North Miami 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 North Miami National avg. Difference
      Home Price $232,600.00$184,700.0025.9%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,205.00$949.0027.0%

      Transportation

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

      Utilities

      Item North Miami 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%
      North Miami, FL62,46811110.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pico Rivera, CA62,50714747.0%
      Idaho Falls, ID62,417955.4%
      Council Bluffs, IA62,3769010.3%
      Doral, FL62,36714039.6%
      Waltham, MA62,59716665.6%
      North Miami, FL62,46811110.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.