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.
IndexMiamiFloridaNational
Cost of living index10999100
IndexMiamiFloridaNational
Goods & Services index10199100
Groceries index105105100
Health care index9798100
Housing index12396100
Transportation index112100100
Utilities index99103100
Displayed above is a general overview of the Miami, FL cost of living index. The overall cost of living index in Miami, FL is 109, which is 10% higher than the Florida average and 9% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Miami, FL are 3% higher than the Florida average and 1% higher than the national average.

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Did you know?

  • The cost of living in Miami is 10% higher than the Florida average.
  • The cost of living in Miami is 9% higher than the national average.
  • The cost of housing in Miami is 23% 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, FL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Miami, FL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Miami, FL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Miami, FL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$50,895$4,241$1,187$1,527
Renters$26,528$2,211$619$796
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Miami, FL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Miami, FL homeowners, is $50,895. This would allow for a maximum of $1,187 per month to be spent on housing costs. For renters, the median monthly income is $26,528 which would result in a maximum of $619 to be spent on rental costs.

Florida Sales Tax

StateGeneral Sales TaxWith Max Surtax
Florida6%7.5%

Florida Income Tax

StateIncome Tax (Low)Income Tax (High)
Florida0%0%
One thing to keep in mind when considering the cost of living in Miami, FL is the Florida sales tax and Florida income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Florida sales tax rate is 6% and the maximum surtax that can be charged is 7.5%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

ItemMiamiNational avg.Difference
Haircut $14.23$16.0911.5%
Beauty Salon $72.00$37.3392.9%
Toothpaste $2.23$2.458.7%
Shampoo $1.00$1.000.3%
Movie $12.60$10.2822.6%
Bowling $6.09$4.9323.5%

Groceries

ItemMiamiNational avg.Difference
Ground Beef $4.15$3.809.1%
Fried Chicken $1.52$1.408.6%
Milk $2.65$2.0131.8%
Potatoes $3.55$3.0117.9%
Pizza $8.99$9.899.1%
Beer $9.62$8.908.2%

Health Care

ItemMiamiNational avg.Difference
Optometrist $98.33$102.163.7%
Doctor $89.33$108.3617.6%
Dentist $95.60$92.533.3%
Ibuprofen $11.09$9.2819.5%
Lipitor $411.52$425.823.4%

Housing

ItemMiamiNational avg.Difference
Home Price $241,200.00$184,700.0030.6%
Avg. Mortgage Payment $1,457.49$1,202.4421.2%
Apartment Rent $995.00$949.004.8%

Transportation

ItemMiamiNational avg.Difference
Gasoline $2.47$2.2410.1%
Tire Balancing $54.23$46.2917.1%

Utilities

ItemMiamiNational avg.Difference
All Electricity$159.36$165.964.0%
Phone $29.39$28.682.5%
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, FL6,25990-10%
Opa-locka, FL16,24591-9%
Brownsville, FL15,86091-9%
Miami, FL432,6221099%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Raleigh, NC441,3261055%
Omaha, NE443,07289-11%
Colorado Springs, CO448,7591000%
Virginia Beach, VA449,73311818%
Oakland, CA412,04015454%
Miami, FL432,6221099%
Source: The Miami, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.