F
37%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
113%
Housing NAT. AVG.
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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 Beach Florida National
Cost of living13798100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing21396100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Miami Beach, FL

Understanding the cost of living in Miami Beach can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Miami Beach cost of living index is 137, which is 37% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you value affordability in your search for a new place to live, Miami Beach 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 Beach falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs significantly influence the Miami Beach cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 112.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Miami Beach Affordable?

Wondering if Miami Beach 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 Miami Beach, for example, the median home price is 138.9% higher than what folks pay nationally, and monthly rent is 50.9% higher than the usual rates. Plus, income levels matter too, with Miami Beach boasting a median household income of $57,211, which is 3.4% higher than the national average.

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

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Miami Beach, the healthcare costs are 4.2% lower than the national average.

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 Miami Beach, the housing index comes in at 112.5% higher than the national average.

Where is the Data From?

The cost of living data in Miami Beach 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.

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Cost Of Living Quick Facts

  • The cost of living in Miami Beach is 40% higher than the Florida average
  • The cost of living in Miami Beach is 37% higher than the national average
  • Miami Beach housing is 113% 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 Beach

See all the best places to live around Miami Beach

Compare Miami Beach, FL Cost of Living

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      Salary Calculator

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      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$100,348$8,362$2,341$3,011
      Renters$43,204$3,600$1,008$1,296
      A good indicator of the general affordability of housing in Miami Beach, 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 Beach, the median monthly income is $100,348 for those who own their own homes. Under the standard rule, that income level would allow for $2,341 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $43,204, per the median income in the area. That would allow for renters to spend up to $1,008 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 Beach 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 Beach 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 Beach 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 Beach National avg. Difference
      Home Price $441,300.00$184,700.00138.9%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,432.00$949.0050.9%

      Transportation

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

      Utilities

      Item Miami Beach 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 Beach, FL89,43913736.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mount Pleasant, SC89,41014039.7%
      Peterborough, ON89,500n/a 
      Germantown, MD89,52913130.8%
      Fall River, MA89,61811313.1%
      Chino, CA89,17014847.7%
      Miami Beach, FL89,43913736.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.