| Index | Miami | Oklahoma | National |
| Cost of living | 82 | 88 | 100 |
| Groceries | 95 | 96 | 100 |
| Health care | 94 | 95 | 100 |
| Housing | 53 | 70 | 100 |
| Transportation | 99 | 96 | 100 |
| Utilities | 93 | 96 | 100 |
| Lifestyle & Entertainment | 92 | 94 | 100 |
| Household Items | 95 | 97 | 100 |
| Education & Childcare | 91 | 93 | 100 |
Getting a feel for the cost of living in Miami is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Miami is 82, which is 18% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing expenses often consume a significant portion of your net income, occasionally surpassing 30%. Fortunately, housing costs in Miami are 46.9% below the national average. This highlights the region's exceptional affordability for both homeownership and rentals in comparison to the rest of the country. This favorable housing situation allows residents to allocate a more reasonable fraction of their income to housing, resulting in enhanced financial flexibility and improved overall financial well-being.
Is Miami an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Miami, the median home price is 56.7% lower than what most folks pay across the country, and monthly rent prices are 24.1% lower than the usual rates. Income levels in Miami come in at $57,112, which is 29.8% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Miami, the groceries index is 4.9% lower than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
The cost of living data for Miami shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| 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 | $71,848 | $5,987 | $1,676 | $2,156 |
| Renters | $37,890 | $3,158 | $884 | $1,137 |
| State | General Sales Tax | With Max Surtax |
| Oklahoma | 4.5% | 11% |
| State | Income Tax (Low) | Income Tax (High) |
| Oklahoma | 0.25% | 4.75% |
| City | Population | Cost of Living Index | National Avg. |
| Chetopa, KS | 1,201 | 76 | 24.1% |
| Wyandotte, OK | 523 | 78 | 22.2% |
| Galena, KS | 2,962 | 78 | 21.9% |
| Commerce, OK | 2,435 | 79 | 21.3% |
| North Miami, OK | 297 | 80 | 20.4% |
| Miami, OK | 13,700 | 82 | 17.9% |
| City | Population | Cost of Living Index | National Avg. |
| Chatham, IL | 13,697 | 102 | 1.7% |
| Parksville, BC | 13,705 | n/a | |
| Richmond Hill, GA | 13,710 | 110 | 9.8% |
| New Ulm, MN | 13,686 | 94 | 5.7% |
| Baker, LA | 13,684 | 91 | 8.8% |
| Miami, OK | 13,700 | 82 | 17.9% |
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