A+
18%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
47%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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.
Index Miami Oklahoma National
Cost of living8286100
Goods & Services9191100
Groceries9394100
Health care8993100
Housing5369100
Transportation9393100
Utilities10998100

An Overview of Cost of Living in Miami, OK

Are you thinking about relocating, but curious about the potential cost of living in Miami? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Miami stands at 82, making it 18% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Miami stands out by reporting housing costs that are 46.7% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Miami Affordable?

Is Miami affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Miami, for instance, where the median home price falls 56.6% lower than the national average, and monthly rent rates are 23.5% lower than usual. Additionally, median income levels contribute to the equation, with Miami flaunting a median household income of $38,107, 31.1% lower than the national norm.

What Factors can Influence the Cost of Living in Miami?

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Miami, healthcare costs are 11.5% lower than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Miami, the utilities index registers at 8.9% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Miami, the groceries index is 7.3% lower than the national average.

Where is the Data From?

The Miami 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Miami is 5% lower than the Oklahoma average
  • The cost of living in Miami is 18% lower than the national average
  • Miami housing is 47% lower than the national average
  • Oklahoma general sales tax is 12% lower than the national average
  • Oklahoma state income tax is 89% lower than the national average

Most Affordable Places to Live in and Around Miami

See all the best places to live around Miami

Compare Miami, OK Cost of Living

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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 Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$48,306$4,026$1,127$1,449
      Renters$25,490$2,124$595$765
      To approximate the cost of living and the housing affordability in Miami, OK, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Miami have a median income of $48,306. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,127 per month to avoid calamity and poverty. The renters in the city have an income of about $25,490, which would make their monthly maximum allowable rental costs $595.

      Oklahoma Sales Tax

      State General Sales Tax With Max Surtax
      Oklahoma 4.5% 11%

      Oklahoma Income Tax

      State Income Tax (Low) Income Tax (High)
      Oklahoma 0.25% 4.75%

      Goods & Services

      Item Miami National avg. Difference
      Haircut $21.83$24.2610.0%
      Beauty Salon $40.00$45.5612.2%
      Toothpaste $3.77$3.701.9%
      Shampoo $1.04$1.2818.5%
      Movie $13.01$12.137.3%
      Bowling $10.00$18.0044.4%

      Groceries

      Item Miami National avg. Difference
      Ground Beef $5.78$5.841.0%
      Fried Chicken $1.38$1.5712.5%
      Milk $4.48$4.674.1%
      Potatoes $4.78$4.933.1%
      Pizza $10.46$12.0913.4%
      Beer $9.40$10.419.7%

      Health Care

      Item Miami National avg. Difference
      Optometrist $98.94$125.6821.3%
      Doctor $140.26$135.783.3%
      Dentist $93.33$113.2917.6%
      Ibuprofen $10.07$10.655.5%
      Lipitor $369.04$468.6021.2%

      Housing

      Item Miami National avg. Difference
      Home Price $80,100.00$184,700.0056.6%
      Avg. Mortgage Payment $1,474.08$2,346.6937.2%
      Apartment Rent $726.00$949.0023.5%

      Transportation

      Item Miami National avg. Difference
      Gasoline $3.11$3.4610.1%
      Tire Balancing $59.12$59.921.3%

      Utilities

      Item Miami National avg. Difference
      All Electricity $218.93$193.9912.9%
      Phone $196.63$192.252.3%
      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 Population Cost of Living Index National Avg.
      Chetopa, KS1,1587624.5%
      Wyandotte, OK5127722.7%
      Galena, KS2,8697822.4%
      Commerce, OK2,3847821.7%
      Baxter Springs, KS3,9387920.6%
      Miami, OK13,1768218.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mountain Park, GA13,1761077.0%
      Warrensville Heights, OH13,1788514.8%
      Tiny, ON13,182n/a 
      Bardstown, KY13,169927.9%
      Rogers, MN13,18312020.3%
      Miami, OK13,1768218.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.