South Miami, FL

Very High · 163

Florida · Population 11,926 · Updated March 2026

$1,700
Median Rent / Month
$88,313
Median Income
$736,900
Median Home Value
$1,917
Owner Costs / Month

Affordability

How far your income goes in South Miami

23.1%
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

$20,400
Annual Rent
$0
State Income Tax
$6,337
Property Tax (est.)

Cost of Living Overview

South Miami has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 163 (where 100 equals the national median), South Miami residents can expect to pay median rent of $1,700/month while earning a median household income of $88,313/year.

The median home value in South Miami, FL is $736,900, with typical monthly owner costs around $1,917 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.1% 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 South Miami.

Frequently Asked Questions

Common questions about living costs in South Miami

What is the cost of living in South Miami, FL?
The cost of living index in South Miami, FL is 163 (US average = 100). Median monthly rent is $1,700, median household income is $88,313/year, and the median home value is $736,900.
Is South Miami, FL affordable?
No, South Miami is more expensive than the national average with a cost index of 163. The rent-to-income ratio is 23.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in South Miami, FL?
The median gross rent in South Miami, FL is $1,700 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $20,400.
What is the median household income in South Miami?
The median household income in South Miami, FL is $88,313 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.