Miami Shores, FL

Very High · 203

Florida · Population 11,627 · Updated March 2026

$2,233
Median Rent / Month
$137,873
Median Income
$788,600
Median Home Value
$3,005
Owner Costs / Month

Affordability

How far your income goes in Miami Shores

19.4%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

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

$26,796
Annual Rent
$0
State Income Tax
$6,782
Property Tax (est.)

Cost of Living Overview

Miami Shores has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 203 (where 100 equals the national median), Miami Shores residents can expect to pay median rent of $2,233/month while earning a median household income of $137,873/year.

The median home value in Miami Shores, FL is $788,600, with typical monthly owner costs around $3,005 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

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 Shores.

Frequently Asked Questions

Common questions about living costs in Miami Shores

What is the cost of living in Miami Shores, FL?
The cost of living index in Miami Shores, FL is 203 (US average = 100). Median monthly rent is $2,233, median household income is $137,873/year, and the median home value is $788,600.
Is Miami Shores, FL affordable?
No, Miami Shores is more expensive than the national average with a cost index of 203. The rent-to-income ratio is 19.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Miami Shores, FL?
The median gross rent in Miami Shores, FL is $2,233 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $26,796.
What is the median household income in Miami Shores?
The median household income in Miami Shores, FL is $137,873 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.