Cost of Living in Miami, Florida
Miami has a population of about 459,745. The median household income is $62,462, median gross rent is $1,758/month, and the median home value is $518,100. Below is how Miami compares to the US.
Is Miami expensive to live in?
Compared with the national median, rent in Miami is 6% above the national median and home values are 38% above the national median. Household income here is 26% below the national median. Monthly rent represents roughly 34% of the median annual household income, a rough affordability signal for renters.
Frequently asked questions
What is the average rent in Miami?
The median gross rent in Miami, Florida is $1,758 per month (US Census ACS).
What is the median home price in Miami?
The median home value in Miami is $518,100.
How much do people earn in Miami?
The median household income in Miami is $62,462 per year.
Data source: U.S. Census Bureau, 2024 American Community Survey (ACS) 5-Year Estimates. Last updated 2026-07-11.