F
51%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
160%
Housing NAT. AVG.
Search Homes for Sale
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 South Miami Florida National
Cost of living15198100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing26096100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in South Miami, FL

Knowing the cost of living in South Miami allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in South Miami stands at 151, marking it 51% higher than the national average.

If you value affordability in your search for a new place to live, South Miami may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, South Miami falls into this category, which may not align with your desire for an affordable place to call home.

When it comes to the cost of living in South Miami, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 160.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is South Miami Affordable?

Is South 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 South Miami, for instance, where the median home price falls 208.1% higher than the national average, and monthly rent rates are 48.5% higher than usual. Additionally, median income levels contribute to the equation, with South Miami flaunting a median household income of $66,769, 20.7% higher than the national norm.

What Factors can Influence the Cost of Living in South Miami?

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 South Miami, healthcare costs are 4.2% lower than the national average.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In South Miami, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 0%.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Where is the Data From?

The South 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

New Real Estate Listings in South Miami Area
Search Homes for Sale in South Miami, FL

Cost Of Living Quick Facts

  • The cost of living in South Miami is 55% higher than the Florida average
  • The cost of living in South Miami is 51% higher than the national average
  • South Miami housing is 160% 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

Most Affordable Places to Live in and Around South Miami

See all the best places to live around South Miami

Compare South Miami, FL Cost of Living

      vs
      How would you rate the cost of living in South Miami?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in South Miami?
      Write a review to give others more information about this area.
      See all South Miami poll results

      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$141,071$11,756$3,291$4,233
      Renters$27,163$2,264$634$815
      To approximate the cost of living and the housing affordability in South Miami, FL, 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 South Miami have a median income of $141,071. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,291 per month to avoid calamity and poverty. The renters in the city have an income of about $27,163, which would make their monthly maximum allowable rental costs $634.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item South Miami National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item South Miami National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item South Miami National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item South Miami National avg. Difference
      Home Price $569,100.00$184,700.00208.1%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,409.00$949.0048.5%

      Transportation

      Item South Miami National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item South Miami National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      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.
      Homestead Base, FL7251044.2%
      Medley, FL1,0538712.6%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      South Miami, FL11,95815151.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lantana, FL11,95811313.3%
      East Bethel, MN11,9581087.6%
      Pecos, TX11,9578514.9%
      Westview, FL11,9551088.4%
      Lansing, KS11,955973.4%
      South Miami, FL11,95815151.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.