Miami, Florida has an overall cost of living index of 111.9, which is 11.9 points above the US average of 100 — making it pricier than most American cities. Renters pay a median of $1,657 per month, while the typical home is valued around $475,200. Households earn a median of $59,390 per year, so rent absorbs a relatively high share of local income. Air quality is good, with an average AQI of 27. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$59,390
Annual · Census ACS
Median Gross Rent
$1,657
Per month · Census ACS
Median Home Value
$475,200
Census ACS
Cost of Living Index
111.9
BEA RPP · US avg = 100
Studio FMR
$1,828
HUD Fair Market Rent
1BR Fair Market Rent
$1,995
HUD FMR
2BR Fair Market Rent
$2,436
HUD FMR
3BR Fair Market Rent
$3,127
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
111.9
Goods
104.8
Rents / Housing
147.2
Services
106.3
Source: BEA Regional Price Parities (metro-level)
State Income Tax
None
No state income tax on wages
State Sales Tax
6.00%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $125,700 |
| 🏥Registered Nurse | $87,710 |
| 📚Elementary Teacher | $56,920 |
| ⚡Electrician | $55,030 |
| 📊Accountant | $87,860 |
Source: BLS OEWS 2023 (metro-level data)
Population
446,663
Latest estimate
Median Age
39.7 yrs
Census ACS
Average AQI
27.0
Source: EPA AirNow
What is the cost of living index for Miami?
Miami has a Regional Price Parity (RPP) index of 111.9. The US national average is 100, so Miami is 11.9 points above the national average.
What is the median rent in Miami?
The median gross rent in Miami is $1,657 per month according to US Census ACS data.
What is the median household income in Miami?
The median household income in Miami is $59,390 per year.
What is the median home value in Miami?
The median home value in Miami is $475,200 based on the latest Census ACS survey.
How is the air quality in Miami?
Miami has an average Air Quality Index (AQI) of 27.0, which is rated "Good" by the EPA. Lower AQI values indicate cleaner air.
What are the taxes like in Miami?
Florida has no state income tax on wages and a statewide sales tax of 6.00% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology