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
Compare the cost of living in Miami, FL with 299 other major U.S. cities