F
Overall 36%
Goods & Services 1%
Housing 113%
Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; 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.
IndexMiami ShoresFloridaNational
Cost of living13699100
Goods & Services9999100
Groceries111105100
Health care107100100
Housing21396100
Transportation11298100
Utilities98102100

Key findings

  • The cost of living in Miami Shores is 37% higher than the Florida average
  • The cost of living in Miami Shores is 36% higher than the national average
  • Miami Shores 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

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Compare Miami Shores, 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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$109,122$9,094$2,546$3,274
      Renters$41,452$3,454$967$1,244
      A good way to judge both the affordability of the housing and the cost of living in Miami Shores is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Miami Shores has a median income of about $109,122 for people who own homes. Based on that number, a maximum of $2,546 should be spent on expenses related to housing. Renters have a slightly different median income, which is $41,452. Based on this average, renters should spend no more than $967 on all rental costs if they want to maintain a non-impoverished standard of living.

      Florida Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Florida6%7.5%

      Florida Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Florida0%0%

      Goods & Services

      ItemMiami ShoresNational avg.Difference
      Haircut $13.88$17.4920.6%
      Beauty Salon $58.60$38.1753.5%
      Toothpaste $2.12$2.328.7%
      Shampoo $1.25$1.0123.5%
      Movie $13.77$10.7228.4%
      Bowling $22.83$13.8664.7%

      Groceries

      ItemMiami ShoresNational avg.Difference
      Ground Beef $4.83$3.9023.8%
      Fried Chicken $1.61$1.4015.4%
      Milk $2.75$1.9640.1%
      Potatoes $3.87$3.1821.6%
      Pizza $8.99$10.3913.5%
      Beer $10.23$9.2310.8%

      Health Care

      ItemMiami ShoresNational avg.Difference
      Optometrist $115.80$106.348.9%
      Doctor $106.25$115.257.8%
      Dentist $116.20$98.3818.1%
      Ibuprofen $11.42$9.2623.3%
      Lipitor $456.77$466.472.1%

      Housing

      ItemMiami ShoresNational avg.Difference
      Home Price $442,000.00$184,700.00139.3%
      Avg. Mortgage Payment $1,633.75$1,273.3228.3%
      Apartment Rent $1,428.00$949.0050.5%

      Transportation

      ItemMiami ShoresNational avg.Difference
      Gasoline $2.57$2.590.9%
      Tire Balancing $67.20$48.9037.4%

      Utilities

      ItemMiami ShoresNational avg.Difference
      All Electricity$158.03$167.605.7%
      Phone $185.34$163.4213.4%
      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, FL2351033%
      Medley, FL89883-17%
      Pembroke Park, FL6,25989-11%
      Opa-locka, FL16,24591-9%
      Brownsville, FL15,86091-9%
      Miami Shores, FL10,77213636%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Monroe, WI10,77195-5%
      Waimea, HI10,77016060%
      Fort Madison, IA10,76980-20%
      Storm Lake, IA10,76888-12%
      Worth, IL10,7761022%
      Miami Shores, FL10,77213636%
      Source: The Miami Shores, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.