South 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.
IndexSouth BeachFloridaNational
Cost of living index156100100
IndexSouth BeachFloridaNational
Goods & Services index106101100
Groceries index107105100
Health care index10497100
Housing index27095100
Transportation index117105100
Utilities index97102100
A general overview of the cost of living index for South Beach, FL is displayed above. In South Beach, FL, the overall cost of living index is 156, which is 56% higher than the Florida average and 56% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of South Beach, FL, the city's goods and services are 6% higher than the Florida average and 6% higher than the U.S. average.

Did you know?

  • The cost of living in South Beach is 56% higher than the Florida average.
  • The cost of living in South Beach is 56% higher than the national average.
  • The cost of housing in South Beach is 170% 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 South Beach, FL Cost of living To Other Cities

Salary Calculator

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Health care index
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Use the salary calculator to compare your current salary in South Beach, FL to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in South Beach, FL, then you would need to earn more income in order to maintain the same standard of living. To use the South Beach, FL salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$99,750$8,313$2,327$2,993
Renters$107,059$8,922$2,498$3,212
If you want to find a good determining factor for the cost of living and the general affordability of housing in South 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 South Beach, FL, the median monthly income is $99,750 for those who own their own homes. Under the standard rule, that income level would allow for $2,327 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $107,059, per the median income in the area. That would allow for renters to spend up to $2,498 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%
When assessing the complete cost of living in South Beach, FL, the Florida income tax and the Florida sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Florida maximum surtax is 7.5%, and the Florida sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0% to 0% in Florida.

Goods & Services

ItemSouth 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

ItemSouth 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

ItemSouth 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

ItemSouth BeachNational avg.Difference
Home Price $514,700.00$175,700.00192.9%
Avg. Mortgage Payment $1,310.50$1,081.0321.2%
Apartment Rent $2,001.00$920.00117.5%

Transportation

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

Utilities

ItemSouth 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.
Fort Pierce North, FL6,90189-11%
Fort Pierce South, FL4,88790-10%
West Vero Corridor, FL7,17691-9%
Lakewood Park, FL11,30492-8%
Fort Pierce, FL42,74492-8%
South Beach, FL3,43215656%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Mayfield, OH3,4321099%
Fruit Hill, OH3,43194-6%
Gibson, AR3,43393-7%
Washoe Valley, NV3,43411616%
St. Augusta, MN3,4341044%
South Beach, FL3,43215656%
Source: The South 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.