Cost of living in Miami: rent, home prices and salary needed
For the Miami, FL metro area, the BEA regional price parity (RPP) in 2024 is 114.2, and the US is 100. Housing alone is 155.6. The cost of living in Miami therefore runs 14.2% higher than the US average.
- Level of prices
- 114.2US = 100, BEA 2024
- Price level for housing
- 155.6 for rents, with US = 100.
Cost of living index for Miami
With a regional price parity, the same basket of goods and services is priced in one place against the US average. The US average is set at 100. Miami-Fort Lauderdale-West Palm Beach, FL is the metro area where Miami sits, and BEA prices it as a whole. Housing (rents) is furthest from the US average, at 155.6, or 55.6% above the US.
| Price level, US = 100 | Miami, FL metro | Florida | Metro against the US |
|---|---|---|---|
| All items | 114.2 | 103.4 | +14.2% |
| Goods | 103.6 | 98.1 | +3.6% |
| Housing (rents) | 155.6 | 122.1 | +55.6% |
| Utilities | 97.2 | 90.1 | −2.8% |
| Other services | 109.1 | 101.3 | +9.1% |
Regional price parities for metro areas and states, 2024, from the U.S. Bureau of Economic Analysis. BEA regional price parity data
Rents in Miami
In Miami, the typical asking rent is $2,965 a month, based on the Zillow Observed Rent Index (ZORI), which covers rent on homes listed now. That rent is up +1.3% on a year. In the US, the same measure gives $1,932. According to the Census, median gross rent is $1,975. It counts every renting household, not only new leases. One year of asking rent equals 54% of the median household income.
| Rent | Miami | United States |
|---|---|---|
| Typical asking rent, Zillow ZORI | $2,965 | $1,932 |
| Asking rent, 12-month change | +1.3% | |
| Median gross rent, Census ACS 2024 | $1,975 | $1,487 |
| Share of median income for a year of asking rent | 54% | 28% |
Zillow Observed Rent Index; Census Bureau American Community Survey 2024, with one-year estimates.
Miami home prices
A typical Miami home was valued at $583,705 in September 2026, per Zillow Home Value Index (ZHVI), which values a typical home at the middle of the market. Compared with a year earlier, the figure is up +1.4%, while the US figure is $366,157. The price equals 8.8 years of median household income, while the US figure is 4.5.
| Home prices | Miami | United States |
|---|---|---|
| Typical home value, September 2026 | $583,705 | $366,157 |
| 12-month change | +1.4% | +1.2% |
| 10-year change | +83.7% | +77.4% |
| Price to income (years of median income) | 8.8 | 4.5 |
| Price to rent (years of asking rent) | 16.4 | 15.8 |
Days on market and the forecast, with the price chart since 2000: Miami housing market.
What salary you need to live in Miami
Your salary in Miami, the one that buys what your pay buys today, comes from two questions: what you earn, and where you live.
- Moving out of
- Salary
Every city side by side, along with the method: city cost of living comparison.
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Miami cost of living compared with other cities
| City | Level of prices | Housing | Typical rents | Home value, typical |
|---|---|---|---|---|
| Miami | 114.2 | 155.6 | $2,965 | $583,705 |
| Jacksonville | 99.5 | 109.8 | $1,589 | $284,832 |
| Tampa | 100.9 | 125.8 | $1,930 | $375,619 |
| Orlando | 101.4 | 123.4 | $1,889 | $372,775 |
| St. Petersburg | 100.9 | 125.8 | $2,039 | $351,862 |
| Fort Lauderdale | 114.2 | 155.6 | $2,697 | $509,743 |
| West Palm Beach | 114.2 | 155.6 | $2,365 | $404,711 |
| Boca Raton | 114.2 | 155.6 | $2,967 | $580,267 |
| Fort Myers | 102.3 | 125.1 | $1,719 | $304,566 |
Price levels come from BEA regional price parities 2024, US = 100. Rents come from Zillow ZORI. Home value: ZHVI, September 2026, from Zillow.
All cities ranked: cost of living comparison. Each state: cost of living for every state.