Florida · Population 446,663 · Updated March 2026
How far your income goes in Miami
State-level tax rates that affect your costs
Miami has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 129 (where 100 equals the national median), Miami residents can expect to pay median rent of $1,657/month while earning a median household income of $59,390/year.
The median home value in Miami, FL is $475,200, with typical monthly owner costs around $1,666 including mortgage, insurance, and taxes. At 33.5% rent-to-income ratio, residents of Miami 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.
Common questions about living costs in Miami