Cost of Living Comparison for Miami, FL
Updated 2026 · Local data pre-filled
Miami's cost of living index is 131 — 31% more expensive than the national average. This factors in housing, groceries, utilities, transportation, and healthcare. Use this calculator to see how your purchasing power would change if you moved to another city.
✓ Calculator below is pre-filled with Miami local data
How Miami Compares to the National Average
Understanding how Miami stacks up helps you calibrate your financial planning.
| Metric | Miami, FL | US Average | Difference |
|---|---|---|---|
| Median Home Price | $620,000 | $420,800 | +47.3% |
| Median Monthly Rent | $1,951 | $1,713 | +13.9% |
| Median Household Income | $65,000 | $74,580 | -12.8% |
| Property Tax Rate | 0.91% | 1.10% | -17.3% |
| Cost of Living Index | 131 | 100 | +31.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Miami Financial Snapshot
- Population (Metro)
- 6,270,000
- Unemployment
- 3.5%
- Avg Commute
- 30 min
- Median Age
- 40.9
- Price-to-Rent Ratio
- 26.5x
- Annual Property Tax
- $5,642
Cost of Living Comparison in Other Florida Cities
Frequently Asked Questions — Miami
What is the median home price in Miami, FL?
The median home price in Miami is $620,000 as of 2025–2026. This is above the national median of $420,800.
What is the average rent in Miami?
Median monthly rent in Miami is $1,951. That works out to $23,412/year, or 36% of the median household income — above the recommended 30% threshold.
Is Miami affordable?
Miami's cost of living index is 131 vs. the national average of 100. With a median household income of $65,000/year and a median home price of $620,000, the price-to-income ratio is 9.5x. This makes homeownership a significant stretch for the typical Miami household.
What is the property tax rate in Miami?
The effective property tax rate in Miami is 0.91% of assessed value. On the median home of $620,000, that's roughly $5,642/year ($470/month).