Miami Beach, FL

Very High · 141

Florida · Population 81,319 · Updated March 2026

$1,733
Median Rent / Month
$67,014
Median Income
$542,000
Median Home Value
$1,790
Owner Costs / Month

Affordability

How far your income goes in Miami Beach

31.0%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$20,796
Annual Rent
$0
State Income Tax
$4,661
Property Tax (est.)

Cost of Living Overview

Miami Beach has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 141 (where 100 equals the national median), Miami Beach residents can expect to pay median rent of $1,733/month while earning a median household income of $67,014/year.

The median home value in Miami Beach, FL is $542,000, with typical monthly owner costs around $1,790 including mortgage, insurance, and taxes. At 31.0% rent-to-income ratio, residents of Miami Beach are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Miami Beach.

Frequently Asked Questions

Common questions about living costs in Miami Beach

What is the cost of living in Miami Beach, FL?
The cost of living index in Miami Beach, FL is 141 (US average = 100). Median monthly rent is $1,733, median household income is $67,014/year, and the median home value is $542,000.
Is Miami Beach, FL affordable?
No, Miami Beach is more expensive than the national average with a cost index of 141. The rent-to-income ratio is 31.0%—above the 30%% affordability threshold.
What is the average rent in Miami Beach, FL?
The median gross rent in Miami Beach, FL is $1,733 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $20,796.
What is the median household income in Miami Beach?
The median household income in Miami Beach, FL is $67,014 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.