South Miami 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 MiamiFloridaNational
Cost of living index12699100
IndexSouth MiamiFloridaNational
Goods & Services index10599100
Groceries index103102100
Health care index10197100
Housing index17895100
Transportation index108100100
Utilities index99103100
Here we can see a simple outline of the cost of living in South Miami, FL. As you can see, with the average cost of living in South Miami, FL being 126, that puts it 28% higher than the average of Florida and 26% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of South Miami, FL, the price of goods and services are 5% higher than the average of Florida as well as 5% higher than the nation's average.

Did you know?

  • The cost of living in South Miami is 28% higher than the Florida average.
  • The cost of living in South Miami is 26% higher than the national average.
  • The cost of housing in South Miami is 78% 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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Salary Calculator

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Groceries index
Health care index
Housing index
Transportation index
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Use the salary calculator to compare your current salary in South Miami, 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 Miami, FL, then you would need to earn more income in order to maintain the same standard of living. To use the South Miami, 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$93,266$7,772$2,176$2,798
Renters$26,050$2,171$608$782
One can approximate the cost of living and the housing affordability in South Miami, FL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in South Miami, FL have a median income of $93,266. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,176 per month to avoid calamity and poverty. The renters in the city have an income of about $26,050, which would make their monthly maximum allowable rental costs $608.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
When considering the overall cost of living expenses in South Miami, FL, it's important to take into account the sales tax for Florida, as well as the rate for income tax in Florida. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Florida is 7.5%, and the sales tax in the state of Florida is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Florida starts from 0% and goes up to 0%.

Goods & Services

ItemSouth MiamiNational avg.Difference
Haircut $15.47$15.560.6%
Beauty Salon $61.93$36.1171.5%
Toothpaste $2.40$2.472.8%
Shampoo $0.98$0.961.2%
Movie $12.52$10.1323.7%
Bowling $6.65$4.7440.4%

Groceries

ItemSouth MiamiNational avg.Difference
Ground Beef $4.56$3.9814.5%
Fried Chicken $1.56$1.4111.1%
Milk $2.49$2.0620.7%
Potatoes $3.46$2.9816.1%
Pizza $8.99$9.475.1%
Beer $9.34$8.796.2%

Health Care

ItemSouth MiamiNational avg.Difference
Optometrist $96.00$101.045.0%
Doctor $95.56$107.4411.1%
Dentist $97.13$90.427.4%
Ibuprofen $11.13$9.2819.9%
Lipitor $415.12$426.502.7%

Housing

ItemSouth MiamiNational avg.Difference
Home Price $354,100.00$175,700.00101.5%
Avg. Mortgage Payment $1,272.27$1,133.2312.3%
Apartment Rent $1,118.00$920.0021.5%

Transportation

ItemSouth MiamiNational avg.Difference
Gasoline $2.05$1.992.7%
Tire Balancing $55.40$45.7621.1%

Utilities

ItemSouth MiamiNational avg.Difference
All Electricity$152.73$163.816.8%
Phone $30.33$28.396.9%
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, FL2401044%
Homestead Base, FL1,07078-22%
Medley, FL94088-12%
Brownsville, FL14,83592-8%
Opa-locka, FL15,86792-8%
South Miami, FL12,03612626%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Neosho, MO12,03882-18%
Madison, IN12,03386-14%
Ferndale, WA12,04011313%
Doctor Phillips, FL12,02811717%
Steamboat Springs, CO12,04413939%
South Miami, FL12,03612626%
Source: The South Miami, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.