An Overview of Cost of Living in Miami Gardens, FL
Understanding the cost of living in Miami Gardens 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 Gardens cost of living index is 110, which is 10% 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.
Housing costs significantly influence the Miami Gardens 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 23.8%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Miami Gardens Affordable?
Is Miami Gardens an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Miami Gardens is 17.2% higher than the national average, while the average monthly rent prices are 39.1% higher than average. The affordability of any location can also be influenced by median income levels. Miami Gardens has a median household income of $46,760, which is 15.5% lower than the national average.
What Factors can Influence the Cost of Living in Miami Gardens?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Miami Gardens, the baseline sales tax rate begins at 6%, and income tax rates start at 0%.
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 Gardens, the healthcare costs are 4.2% lower than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Miami Gardens, the transportation index is 2.6% higher than the national average.
Where is the Data From?
The Miami Gardens 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.