Cost of Living in Miami, FL

Miami-Dade County · 2026 Data · 6 nearby cities in county

COL Index
123
vs FL Avg
+18
Median Income
$58K

Cost of Living Breakdown

Overall Cost of Living
114vs 100 US avg
Below avg
Near avg
Above avg
High
Housing
US avg = 100123
Groceries
US avg = 100106
Healthcare
US avg = 100102
Transportation
US avg = 100115
Utilities
US avg = 100110

Housing & Income in Miami

Median Home Price
$625,000
Estimated market price
Median Monthly Rent
$2,800
All unit types
Median Household Income
$58,000
Annual, pre-tax
Est. Monthly Payment
$3,072
20% down, 30yr fixed
Property Tax Rate
1.1%
~$6,875/yr
Price-to-Rent Ratio
18.6x
<15 favors buying

About Living in Miami

Miami is Florida's financial and cultural capital, known for its beaches, nightlife, and diverse population.

With a cost of living index of 123, Miami is 23% above the US average and 18 points above the Florida average of 105. The median household income of $58,000 supports a home-price-to-income ratio of 10.8x — above the recommended 4–5x threshold.

FAQ

Common questions about cost of living in Miami

What is the cost of living in Miami, FL?

Miami's overall cost of living index is 123 compared to the US average of 100. Housing (123) is the main driver, with groceries at 106, healthcare at 102, transportation at 115, and utilities at 110.

Is Miami affordable to live in?

Miami is an above-average cost market with a COL index of 123, driven largely by housing. However, it offers premium amenities, strong job markets, and no state income tax.

How does Miami compare to the Florida average?

Miami's COL index of 123 is 18 points above the Florida average of 105. Coastal amenities and employment opportunities drive the premium.