Cost of Living in Miami, FL
Population 459,745 · Census ACS 2020–2024 5-year estimates
The median rent in Miami, FL is $1,758/month, 5% higher than the Florida median and 24% higher than the U.S. median. The median home value is $518,100, 56% higher than the national median. Households earn a median of $62,462 a year, 16% lower than the state median.
Affordability
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Miami vs. Florida vs. U.S.
| Miami | Florida | U.S. | |
|---|---|---|---|
| Median rent | $1,758 | $1,669 | $1,413 |
| Median home value | $518,100 | $359,000 | $332,700 |
| Median household income | $62,462 | $74,568 | $80,734 |
| Homeownership rate | 30.8% | 67.6% | 65.2% |
| Bachelor's degree or higher | 37.4% | 34.1% | 35.7% |
| Poverty rate | 19.4% | 12.6% | 12.5% |
| Unemployment rate | 5.2% | 4.8% | 5.2% |
| Work from home | 16.0% | 15.7% | 15.1% |
| Median age | 39.3 | 42.6 | 38.9 |
FAQ
What is the average rent in Miami, FL?
The median gross rent in Miami, FL is $1,758 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Miami, FL?
Using the common 30% rule, renting a median-priced home takes about $70,320 a year in gross income.
Is Miami, FL expensive to live in?
Rent there is 24% higher than the U.S. median, and the median home costs about 8.3 times the median household income.
Other cities in Florida
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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