Cost of Living in Miami, FL
Miami cost of living index: 106.85 (above the US average). Median home price: $640,495.
Updated 2026 • Based on 49 local zip codes
📍 Some data sourced from nearby metro area
6% above the national average
Housing
Data from 49 zip codes
Housing costs in Miami, FL based on real market data from 49 local zip codes.
When considering a move to Miami, FL, you’ll find a housing index of 134.22, indicating a relatively higher cost of living. The median home price stands at 640495.0, which may present a challenge for first-time buyers or those on a tight budget. Rental options also trend high, with average rents for a 2-bedroom apartment at 2799.5 and a house at . This highlights the need for thorough financial planning. Be sure to also research local job opportunities, amenities, and neighborhood vibes to make the best decision for your relocation.
Last updated: January 2026
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living.
Living in Miami, FL could entail variable utility costs. Electricity costs sit at $13.89, while natural gas is priced at $26.13 per Thousand Cubic Feet. Expect to budget about $100.7 monthly for other services like water and garbage.
Cost Breakdown by Category
Local Income & Economy in Miami, FL
How far does your money go in Miami? Understanding the relationship between income and cost of living is key to evaluating affordability.
How We Calculate Adjusted Purchasing Power in Miami
The adjusted purchasing power shows what a Miami, FL household income is actually worth after accounting for local prices. We calculate it using the formula: Purchasing Power = Median Income ÷ Cost of Living Index × 100
For Miami, that's $54,858 ÷ 106.85 × 100 = $51,341. This means a household earning the median income in Miami has the equivalent buying power of $51,341 in a city where the cost of living index equals the national baseline of 100.
Miami's cost of living index of 106.85 is moderately above the US average, meaning residents pay 6% more for typical goods and services. However, with a median household income of $54,858, many families find Miami affordable relative to other cities in FL. The adjusted purchasing power of $51,341 reflects a slight reduction in buying power, but strong local job markets and quality of life often offset the higher expenses.
The local unemployment rate of 2.5% is below the national average, indicating a strong job market in Miami, FL. Combined with a median income of $54,858, this suggests good earning potential that helps offset the above-average cost of living.
💡 Purchasing power is calculated by dividing the local median household income by the cost of living index and multiplying by 100. A result higher than the nominal income means your money goes further; a lower result means local prices erode your earnings. The US baseline cost of living index is 100.
Pros & Cons of Living in Miami
Pros
- • Culinary diversity and cuisine
- • Beautiful beaches and parks
- • Family-friendly attractions available
- • Active outdoor lifestyle options
- • Multilingual population fosters inclusivity
- • Warm weather year-round
- • Vibrant nightlife and entertainment
- • Strong job market in tourism
- • Diverse cultural experiences
- • Rich arts and music scene
Cons
- • Limited public transportation options
- • Humidity can be uncomfortable
- • Racism and social issues persist
- • Cost of living is quite high
- • High crime rates in some areas
- • Hurricanes and tropical storms risk
- • Overcrowded tourist areas
- • Traffic congestion can be severe
- • Seasonal influx of tourists affects locals
- • Public schooling quality varies widely
💡City Insights
Miami scores 2/10 for affordability, 5/10 for safety, and 5/10 for family-friendliness — an average overall profile. However, affordability is a weaker area that prospective residents should consider carefully.
Frequently Asked Questions
What is the cost of living in Miami, FL? ▼
The cost of living in Miami, FL is 7% higher than the national average, with a cost of living index of 107 (where 100 represents the U.S. average). Housing typically accounts for the largest portion of living expenses. See full cost of living breakdown →
How much does it cost to buy or rent a home in Miami, FL? ▼
In Miami, FL, The median home price is $640,495. requiring approximately $180,106 annual income to afford. Average rent is $2,800/month (requiring ~$111,980/year income). The local median household income is $54,858, making homeownership challenging for typical residents. Explore Miami real estate data →
Is Miami, FL a safe place to live? ▼
Miami, FL is average in terms of safety, with crime rates near the national average. Safety varies significantly by neighborhood. View detailed Miami crime statistics →
What salary do you need to live comfortably in Miami, FL? ▼
To live comfortably in Miami, FL and afford a median-priced home of $640,495, you would typically need a household income of $160,124 to $200,155 per year. The local median household income is $54,858. Renting requires approximately $111,980/year (at $2,800/month). See full affordability analysis →
What are the best neighborhoods in Miami, FL? ▼
The best neighborhoods in Miami, FL depend on your priorities. For families, look for areas near top-rated schools with lower crime rates. For affordability, neighborhoods farther from the city center tend to offer more affordable options.
How are the taxes in Miami, FL? ▼
Tax rates in Miami, FL include state and local components. The cost of living index of 107 reflects a moderate cost environment compared to the national average. View detailed Miami tax information →
How does Miami, FL compare to nearby cities? ▼
Miami, FL offers comparable costs to nearby communities. With a cost of living index of 107, median home prices of $640,495, and a crime rate of 0 per 1,000 residents, you can compare these metrics side-by-side. Use the compare feature to evaluate specific cities.
What is the weather like in Miami, FL? ▼
Weather in Miami, FL varies by season. Climate data varies by season. View detailed Miami climate & environment data →
What factors affect cost of living in Miami, FL? ▼
The main factors affecting cost of living in Miami, FL include housing costs (the biggest factor), utilities, groceries, transportation, and healthcare. Local taxes and the overall economic conditions also play a role.
Housing Costs by Zip Code
Detailed housing data across 49 zip codes in Miami, FL.
| Zip Code | Median Home Price | Avg Rent | 2BR Rent | For Sale | For Rent |
|---|---|---|---|---|---|
| 33101 | — | — | — | — | — |
| 33122 | $1,790,000 | $3,071/mo | $3,090/mo | 6 | 115 |
| 33125 | $625,000 | $2,591/mo | $2,749/mo | 219 | 281 |
| 33126 | $319,900 | $2,695/mo | $2,980/mo | 155 | 530 |
| 33127 | $895,000 | $3,881/mo | $3,195/mo | 272 | 344 |
| 33128 | $825,000 | $2,651/mo | $2,650/mo | 59 | 104 |
| 33129 | $1,249,000 | $5,763/mo | $3,700/mo | 197 | 183 |
| 33130 | $669,000 | $3,939/mo | $3,700/mo | 570 | 816 |
| 33131 | $835,000 | $5,954/mo | $4,750/mo | 933 | 903 |
| 33132 | $635,000 | $4,649/mo | $4,506/mo | 822 | 756 |
| 33133 | $1,950,000 | $6,704/mo | $3,500/mo | 460 | 388 |
| 33135 | $865,000 | $2,623/mo | $2,400/mo | 148 | 253 |
| 33136 | $369,000 | $3,071/mo | $3,442/mo | 67 | 447 |
| 33137 | $875,000 | $5,820/mo | $4,500/mo | 724 | 979 |
| 33138 | $975,000 | $5,076/mo | $2,990/mo | 324 | 349 |
| 33142 | $530,000 | $2,448/mo | $2,250/mo | 262 | 238 |
| 33144 | $669,500 | $2,861/mo | $2,800/mo | 59 | 104 |
| 33145 | $895,000 | $3,837/mo | $2,850/mo | 192 | 235 |
| 33147 | $499,000 | $2,532/mo | $2,200/mo | 239 | 113 |
| 33150 | $590,000 | $2,572/mo | $2,200/mo | 189 | 134 |
| 33155 | $824,900 | $3,952/mo | $2,800/mo | 174 | 205 |
| 33156 | $2,500,000 | $6,693/mo | $2,844/mo | 348 | 191 |
| 33157 | $724,900 | $3,114/mo | $2,350/mo | 339 | 387 |
| 33158 | $1,950,000 | $10,330/mo | — | 45 | 20 |
| 33165 | $819,900 | $3,585/mo | $2,600/mo | 140 | 105 |
| 33166 | $599,999 | $3,156/mo | $2,649/mo | 219 | 307 |
| 33167 | $539,000 | $3,007/mo | $2,500/mo | 133 | 55 |
| 33168 | $599,000 | $2,637/mo | $2,500/mo | 114 | 66 |
| 33169 | $461,000 | $2,720/mo | $2,910/mo | 242 | 378 |
| 33170 | $641,990 | $3,262/mo | $2,099/mo | 194 | 89 |
| 33173 | $499,000 | $3,245/mo | $2,500/mo | 143 | 111 |
| 33174 | $499,000 | $2,664/mo | $2,386/mo | 86 | 109 |
| 33175 | $780,000 | $3,689/mo | $2,290/mo | 164 | 117 |
| 33176 | $565,000 | $3,646/mo | $2,200/mo | 212 | 162 |
| 33177 | $649,900 | $2,849/mo | $2,685/mo | 233 | 254 |
| 33178 | $585,000 | $3,656/mo | $2,872/mo | 444 | 740 |
| 33179 | $240,000 | $3,157/mo | $2,200/mo | 539 | 422 |
| 33180 | $500,000 | $4,233/mo | $3,200/mo | 1,032 | 706 |
| 33182 | $800,000 | $5,477/mo | $2,500/mo | 53 | 33 |
| 33183 | $365,000 | $2,846/mo | $2,400/mo | 156 | 161 |
| 33184 | $680,000 | $3,719/mo | $2,500/mo | 60 | 48 |
| 33185 | $725,000 | $4,086/mo | $3,000/mo | 121 | 75 |
| 33186 | $545,000 | $2,728/mo | $2,500/mo | 261 | 387 |
| 33187 | $795,000 | $4,016/mo | $3,000/mo | 164 | 55 |
| 33189 | $579,900 | $2,782/mo | $2,100/mo | 138 | 91 |
| 33190 | $445,000 | $2,697/mo | $2,000/mo | 110 | 96 |
| 33193 | $389,000 | $2,616/mo | $2,200/mo | 157 | 208 |
| 33194 | $565,000 | $3,604/mo | — | 14 | 20 |
| 33196 | $639,000 | $2,667/mo | $2,540/mo | 228 | 499 |
Explore More About Miami, FL
📅 Last Updated: January 2026
Sources: U.S. Census Bureau (ACS), Bureau of Labor Statistics, Council for Community and Economic Research (C2ER), Zillow, Redfin