Cost of Living in Miami: The Real Numbers
Rent by bedroom, what a house or condo actually sells for, taxes, utilities, insurance and transportation, plus a straight comparison to New York City and to Los Angeles and San Francisco. Sourced to RentCafe, the Census Bureau, the Tax Foundation, MIAMI Realtors and the state tax agencies, not a vibe.
The one-paragraph version: Miami runs about 21% above the U.S. average overall (RentCafe's cost-of-living calculator), almost entirely on housing, which runs 57% above the national average by that same measure. Average rent across all unit sizes is $2,773 a month. Florida has no state income tax, a 7% sales tax in Miami-Dade and Broward, and property tax around 0.81% of value. The categories that run genuinely above the national average: homeowners insurance, car insurance and property tax on anything you buy new. Compared to New York City, Miami is dramatically cheaper on housing and taxes; compared to Los Angeles, the two cities are close; compared to San Francisco, Miami is still meaningfully cheaper.
- $2,773Average Miami apartment rent, all unit sizes, August 2026 (RentCafe).
- 0%Florida state income tax. A $300K household keeps $0 to $28,264 more a year than an equivalent Northeast household.
- $680KMiami-Dade median single-family sale, August 2026, up 4% year over year.
- 0.81%Miami-Dade's effective property tax rate; Broward runs 0.96%.
Related reading: why people are moving to South Florida, the full Florida income tax breakdown, moving from New York to Miami, moving from New Jersey, moving from California, and cost of living in Fort Lauderdale if you want Broward's numbers instead.
Rent by bedroom
These are the numbers I quote clients who ask "what will I actually pay" before they see a single unit.
| Unit type | Miami |
|---|---|
| Studio | $2,265 |
| 1 bedroom | $2,450 |
| 2 bedroom | $2,995 |
| 3 bedroom | $3,741 |
| All unit sizes (average) | $2,773 (+1.05% YoY) |
Rent has been roughly flat this year, up about 1% year over year, after several years of sharp increases. The building matters more than the neighborhood: a full-service tower with a doorman and gym in Sunny Isles Beach or Brickell runs well above these averages, while a garden-style complex further from the water can run below them.
Buying: medians and price per square foot
| Market | Median sale price | Price per sq ft |
|---|---|---|
| Miami-Dade single-family | $680,000 (+4% YoY) | $521 (+0.7% YoY) |
| Miami-Dade condo / townhouse | $410,000 (+2.2% YoY) | n/a |
| Broward single-family | $650,000 (+4% YoY) | $410 (+5.4% YoY, city of Fort Lauderdale) |
| Broward condo | $257,500 (+3.96% YoY) | n/a |
| Florida statewide single-family | $415,000 (+1.2% YoY) | n/a |
Broward's total $1M+ home sales rose 22.6% year over year in August 2026, and the top three out-of-state feeder markets for Broward driver-license exchanges in 2025 were New York, California and New Jersey, so the demand behind these prices is not local speculation, it is relocation. Condo prices in Broward have appreciated 248% since 2010; single-family prices there are up 232% since 2010.
Taxes
This is the category that does the most work in any Miami cost-of-living comparison, because it is a flat $0 no matter your income.
- State income tax: 0%. The Florida Constitution (Article VII, Section 5) bars a personal income tax on wages, pensions, Social Security, capital gains or rental income.
- Estate and inheritance tax: $0. Florida has had no estate tax since 2005 and has never had an inheritance tax.
- Sales tax: 7% in Miami-Dade and Broward (6% state plus a 1% county surtax, which applies only to the first $5,000 of a single item). Groceries and prescription drugs are exempt.
- Property tax: about 0.81% effective in Miami-Dade, 0.96% in Broward, per the Tax Foundation's 2024 data. A homestead exemption (up to $50,722 in 2025) and the Save Our Homes 3%-a-year assessment cap (2.9% for 2025) both help, but only once you have filed and only going forward from your purchase price.
Not tax or legal advice. I am a real estate broker, not a CPA. These figures come from the state tax agencies and the sources listed at the bottom; your own numbers depend on facts I cannot see. Confirm with a professional.
Utilities, transportation and insurance
Electricity
Florida Power & Light's own 2026 rate filing puts a typical residential bill at 1,000 kWh at $136.64 a month, up just $2.50 (about 2%) from $134.14, under a four-year rate settlement approved by state regulators in November 2025. FPL describes its rates as running "well below the national average," a claim it expects to hold through 2029.
Transportation
Regular gas averaged $4.29 a gallon in Florida as of September 23, 2026 (AAA), below the national average that week. Miami-Dade's base Metrorail and Metrobus fare has been $2.25 per ride; the county's FY2025-26 budget approved an increase to $2.75, though I could not confirm the exact date that takes effect as of this writing. Brightline's Miami to Fort Lauderdale run takes about 38 minutes with roughly hourly departures; one-way fares run in the rough range of $18 to $45 depending on class and time, though Brightline's pricing is dynamic and I'd recommend checking gobrightline.com for the current fare before you book.
Insurance
Homeowners insurance is the category every relocating buyer asks about. The most recent finalized official data (NAIC 2022, via the Insurance Information Institute) puts Florida's average annual premium at $2,677, the highest in the country, against a $1,569 national average. Current quotes run above that 2022 figure; I have not seen a single trustworthy official current-year statewide average, so ask me for a quote on a specific property rather than trusting a single "average" number online. Full-coverage car insurance in Florida runs an estimated $311 a month on average, among the three most expensive states, against roughly $208 nationally.
Groceries and dining
RentCafe's cost-of-living calculator puts Miami's food category about 10% above the national average, the one everyday spending line that runs meaningfully higher here. I did not find a reliable, dated grocery-basket comparison beyond that single figure, so I am not going to hand you a made-up weekly total.
Income and what you keep
Median household income in Miami-Dade County is $71,753 (Census, 2020-2024 five-year estimate, in 2024 dollars). That is a county figure, not a city one, so it is not a perfect apples-to-apples match against the city-level numbers below for New York, Los Angeles and San Francisco.
| Where you live | $150,000 | $300,000 | $500,000 |
|---|---|---|---|
| New York City (state + city) | $13,507 | $28,264 | $49,518 |
| New Jersey | $5,513 | $15,068 | $27,808 |
| California | $6,827 | $20,777 | $39,377 |
| Florida | $0 | $0 | $0 |
A household with $300,000 of taxable income keeps somewhere between about $15,000 and $28,000 more a year in Florida than in New Jersey, California or New York City respectively, before counting the lower sales tax and, for most households, a lower property tax bill than the Northeast.
Miami vs New York City
| Measure | New York City | Miami |
|---|---|---|
| Average monthly rent, all units | $5,204 | $2,773 |
| Price per sq ft | $1,694 (Manhattan) | $521 (Miami-Dade) |
| Median household income | $80,483 (city) | $71,753 (Miami-Dade county) |
| State + city income tax, top rate | 14.776% | 0% |
| Sales tax | 8.875% | 7% |
| Property tax, effective rate | 0.71% (Manhattan, capped co-op/condo assessments) | 0.81% (Miami-Dade) |
Here is the flip in the story most people have not caught up to: on the U.S. Bureau of Economic Analysis's 2024 Regional Price Parities, an official government cost index different from the aggregators above, greater Miami actually scored 114.155 against the greater New York metro's 112.563, the first time Miami has out-scored New York in that series. Housing and rent are still dramatically cheaper here; the overall basket, once you weigh in everything else, is now essentially a wash or slightly worse in Miami depending on which index you trust.
Miami vs Los Angeles and San Francisco
| Measure | Los Angeles | San Francisco | Miami |
|---|---|---|---|
| Average monthly rent, all units | $2,758 | $3,964 | $2,773 |
| County/metro median home price | $946,950 (LA County) | $1,875,000 (SF County) | $680,000 (Miami-Dade single-family) |
| Regular gas, per gallon | $6.2022 (CA statewide) | $4.2941 | |
| Homeowners insurance, avg/yr | $1,492 (CA statewide) | $2,677 | |
| Effective property tax rate | 0.70% (CA statewide average) | 0.81% (Miami-Dade) | |
Miami and Los Angeles are close on rent and not far apart on an overall cost-of-living index (Miami runs about 21% above the national average by RentCafe's C2ER-sourced calculator, LA about 52% above). San Francisco is in a different tier entirely, both on rent and on home prices. Where Florida loses: gas and homeowners and car insurance all run higher here than in California. Where California loses: income tax (13.3% top rate versus 0%) and, for anyone buying fresh rather than holding a Prop 13-capped home, property tax on the new purchase.
What actually costs more in Miami
I would rather lose a client to an honest number than close a deal on an incomplete one.
- Homeowners insurance. $2,677 a year on the last finalized national data, the highest average of any state, and current quotes run higher still.
- Car insurance. Roughly $311 a month on average, among the three most expensive states.
- Property tax on anything you buy new. The Save Our Homes cap only protects a seller who has owned for years. A new buyer is assessed at the purchase price from day one.
- Condo association fees. Since the 2021 Surfside collapse, buildings three stories and up must fund milestone inspections and reserves for major structural components rather than voting to waive them, which has pushed fees up in older towers.
- Overall basket, by one official measure. The BEA's 2024 Regional Price Parities put greater Miami above greater New York for the first time, and Miami runs 25% above the Florida state average and 21% above the U.S. average by RentCafe's calculator, mostly on housing.
None of that erases the tax math. It just means "no income tax" is not the same sentence as "cheap," and I would rather you hear both halves from me before you make an offer.
Live Miami-area listings
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Related guides
Frequently asked questions
What is the cost of living like in Miami?
Miami runs about 21% above the national average overall, driven almost entirely by housing, according to RentCafe's cost-of-living calculator. Miami has no state income tax, a 7% sales tax, and property tax around 0.81% of value in Miami-Dade. Average rent across all unit sizes is about $2,773 a month. Insurance and property tax on a fresh purchase are the categories that run notably above the national average.
Is Miami cheaper than New York City?
For housing and taxes, yes by a wide margin. Average rent in Miami runs about $2,773 a month versus about $5,204 in New York City, and Miami-Dade sells for about $521 per square foot versus about $1,694 in Manhattan. Florida has no state income tax versus New York's combined state and city rates up to 14.776%. On the U.S. Bureau of Economic Analysis's 2024 Regional Price Parities, though, greater Miami has actually edged out the greater New York metro overall for the first time, at 114.155 versus 112.563.
Is Miami cheaper than Los Angeles or San Francisco?
Miami and Los Angeles run close on average rent, $2,773 versus $2,758, though larger units run pricier in LA. San Francisco is meaningfully more expensive, about $3,964 average rent versus Miami's $2,773. Gas and property tax run higher in California; homeowners insurance and car insurance run higher in Florida.
Does Florida have state income tax?
No. Florida's constitution bars a personal income tax, so wages, pensions, Social Security and investment income are untaxed at the state level. Florida also has no estate or inheritance tax. Federal income tax still applies everywhere.
How much is rent in Miami?
As of August 2026 per RentCafe: studio $2,265, one-bedroom $2,450, two-bedroom $2,995, three-bedroom $3,741, and $2,773 across all unit sizes, up about 1% year over year.
What does a $300,000 household save in taxes moving to Florida?
Compared to New York City, about $28,264 a year. Compared to California, about $20,777. Compared to New Jersey, about $15,068. These are state and city income tax only, on the 2025 married-filing-jointly rate schedules; Florida charges $0.
Want the real numbers for your specific move?
Tell me your budget, where you are coming from and what you want your week to look like, and I will send you homes that fit along with a straight answer on property tax, insurance and association fees for each one. No pressure, no drip campaign.
Kevin Poler · Broker, The Poler Team · Optimar International Realty, 18246 Collins Ave, Sunny Isles Beach, FL 33160Sources
- Florida Constitution, Article VII, Section 5; Florida Department of Revenue sales and surtax rates. floridarevenue.com.
- Tax Foundation, Property Taxes by State and County (2024 ACS data). taxfoundation.org.
- MIAMI Realtors, August 2026 monthly statistics (Miami-Dade and Broward medians). miamirealtors.com.
- RentCafe, average rent and market trends, Miami, last updated August 31, 2026; RentCafe Cost of Living Calculator, Miami, FL. rentcafe.com.
- U.S. Census Bureau QuickFacts, Miami-Dade County, New York city, Los Angeles city and San Francisco city median household income (2020-2024 ACS). census.gov.
- U.S. Bureau of Economic Analysis, Regional Price Parities 2024, as reported by World Property Journal, July 23, 2026. worldpropertyjournal.com.
- Florida Power & Light, rate settlement press release, November 20, 2025. newsroom.fpl.com.
- AAA, State Gas Price Averages, fetched September 23, 2026. gasprices.aaa.com.
- Insurance Information Institute, homeowners insurance average premiums by state (NAIC 2022). iii.org.
- California Association of Realtors, August 2026 statewide and county release, published September 16, 2026. car.org.
- New York State Department of Taxation and Finance, 2025 IT-201 rate schedules; New Jersey Division of Taxation rate schedules; California Franchise Tax Board 2025 Schedule Y. tax.ny.gov.
- Miami-Dade County, Transit Fares and Parking Fees; WLRN, fare-increase coverage, August 29, 2025. miamidade.gov.