| Index | Miami | Florida | National |
| Cost of living | 129 | 102 | 100 |
| Groceries | 106 | 102 | 100 |
| Health care | 110 | 104 | 100 |
| Housing | 170 | 97 | 100 |
| Transportation | 107 | 103 | 100 |
| Utilities | 121 | 110 | 100 |
| Lifestyle & Entertainment | 119 | 104 | 100 |
| Household Items | 105 | 102 | 100 |
| Education & Childcare | 122 | 106 | 100 |
The cost of living in Miami affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Miami is 129, which is 29% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Miami is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Miami falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Miami, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 69.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The real experts on a city are its residents. That's why we reached out to 31 locals to get their views on the cost of living in Miami. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 19% found it budget-friendly with decreasing prices, while 81% said it's simply not affordable as prices have continued to rise.
Is Miami affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Miami, the median home price is 87% higher than the national average and monthly rent prices are 29.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Miami boasting a median household income of $65,078, 20% lower than the national average.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Miami, healthcare costs are 9.7% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Miami, the utilities index is 20.8% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Miami, the transportation index is 6.6% higher than the national average.
The Miami cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $104,300 | $8,692 | $2,434 | $3,129 |
| Renters | $53,374 | $4,448 | $1,245 | $1,601 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Medley, FL | 1,076 | 89 | 10.7% |
| Pembroke Park, FL | 6,970 | 89 | 11.0% |
| Gladeview, FL | 13,938 | 99 | 1.4% |
| Opa-locka, FL | 16,610 | 101 | 1.2% |
| West Little River, FL | 33,229 | 104 | 3.6% |
| Miami, FL | 470,437 | 129 | 29.0% |
| City | Population | Cost of Living Index | National Avg. |
| Virginia Beach, VA | 463,341 | 120 | 19.7% |
| Long Beach, CA | 480,084 | 162 | 62.4% |
| Colorado Springs, CO | 481,855 | 121 | 21.0% |
| Raleigh, NC | 482,278 | 115 | 14.5% |
| Halifax, NS | 451,852 | n/a | |
| Miami, FL | 470,437 | 129 | 29.0% |
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