Cost of Living and Housing in Miami, Florida

Miami has about 459,745 residents. Median gross rent is $1,758 per month and median household income is $62,462.

Comparison scope: “dataset median” below means the median among 1,211 cities across 10 states in this dataset. It is not presented as a nationwide Census median. The figures use 2020-2024 ACS 5-Year estimates and may lag current listings.

Median Gross Rent $1,758/mo 6% above the dataset median

Median Home Value $518,100 39% above the dataset median

Median Household Income $62,462 26% below the dataset median

Owner-Occupied Homes 31% Share of occupied housing units

Rent-to-Income Baseline 34% Annual median rent ÷ household income

Home Value-to-Income 8.3x Median value ÷ household income

How Miami compares

Rent is 6% above the dataset median, while household income is 26% below the dataset median. Within Florida, Miami ranks #111 from lowest to highest rent and #160 from highest to lowest household income among 207 cities in this dataset.

The rent-to-income figure compares two citywide medians. It is useful for broad comparison, but it is not an individual household budget or a measure of renter cost burden.

Similar-size cities in Florida

Frequently asked questions

What is the median rent in Miami?

Median gross rent is $1,758 per month in the 2020-2024 ACS 5-Year estimates.

What is the median home value in Miami?

The median value of owner-occupied homes is $518,100 in the 2020-2024 ACS 5-Year estimates.

What is the median household income?

Median household income in Miami is $62,462 per year.

Source: U.S. Census Bureau, 2020-2024 ACS 5-Year Estimates. Local database refreshed 2026-07-11.