North Miami, FL

Average · 107

Florida · Population 59,429 · Updated March 2026

$1,543
Median Rent / Month
$51,909
Median Income
$326,300
Median Home Value
$1,520
Owner Costs / Month

Affordability

How far your income goes in North Miami

35.7%
Rent-to-Income Ratio
Burdened
Rent takes more than 35% of median income — considered cost-burdened.

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

$18,516
Annual Rent
$0
State Income Tax
$2,806
Property Tax (est.)

Cost of Living Overview

North Miami is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 107 (where 100 equals the national median), North Miami residents can expect to pay median rent of $1,543/month while earning a median household income of $51,909/year.

The median home value in North Miami, FL is $326,300, with typical monthly owner costs around $1,520 including mortgage, insurance, and taxes. The 35.7% rent-to-income ratio indicates significant housing cost burden. Residents spend well over a third of their income on rent alone.

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 North Miami.

Frequently Asked Questions

Common questions about living costs in North Miami

What is the cost of living in North Miami, FL?
The cost of living index in North Miami, FL is 107 (US average = 100). Median monthly rent is $1,543, median household income is $51,909/year, and the median home value is $326,300.
Is North Miami, FL affordable?
No, North Miami is more expensive than the national average with a cost index of 107. The rent-to-income ratio is 35.7%—above the 30%% affordability threshold.
What is the average rent in North Miami, FL?
The median gross rent in North Miami, FL is $1,543 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $18,516.
What is the median household income in North Miami?
The median household income in North Miami, FL is $51,909 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.