salaryMiami is the 2nd-largest city in Florida that we track, with 459,745 residents. Rent is higher than in 86% of U.S. cities. Incomes are on the low side for rents this high, so budgets feel tight. A typical house costs about 7.7 years of household income, so buying is hard for most locals. Most households rent (69%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $101,520 a year. That is $49 an hour at a full-time job.
Is rent cheaper than other Florida cities?
No. Rent here is more expensive than in most of Florida. It is number 401 of 479 cities from cheapest to most expensive.
Compare Miami with other big cities
Compare Miami to 149 other cities →
How much do households earn in Miami?
Share of households by yearly income. 24.7% of households earn $100,000 or more.
Rent by apartment size in Miami
| Size | Miami | U.S. average |
|---|---|---|
| Studio | $1,426 | $1,338 |
| 1 bedroom | $1,577 | $1,324 |
| 2 bedrooms | $1,983 | $1,509 |
| 3 bedrooms | $2,271 | $1,698 |
| 4 bedrooms | $2,686 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Miami overall?
Everyday prices in the Miami-Fort Lauderdale-West Palm Beach metro area are 14% above the U.S. average (index 114.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Miami
Life in Miami
What jobs pay in Miami
| Job | Median pay | Rent / pay |
|---|---|---|
| Lawyer | $160,320 | 19.0% |
| Pharmacist | $135,210 | 22.5% |
| Software Developer | $132,650 | 23.0% |
| Physician Assistant | $132,360 | 23.0% |
| Nurse Practitioner | $131,340 | 23.2% |
| Operations Manager | $105,640 | 28.8% |
| Computer Systems Analyst | $103,650 | 29.4% |
| Registered Nurse | $91,380 | 33.3% |
| Civil Engineer | $83,750 | 36.4% |
| Dental Hygienist | $82,780 | 36.8% |
| Accountant | $80,920 | 37.6% |
| Police Officer | $79,840 | 38.1% |
| Market Research Analyst | $78,990 | 38.6% |
| Firefighter | $75,710 | 40.2% |
| Licensed Practical Nurse | $62,610 | 48.6% |
| Electrician | $58,630 | 51.9% |
| Elementary School Teacher | $58,300 | 52.2% |
| HVAC Technician | $58,040 | 52.5% |
| Plumber | $57,760 | 52.7% |
| Truck Driver | $51,580 | 59.0% |
| Carpenter | $51,570 | 59.1% |
| Medical Assistant | $44,930 | 67.8% |
| Customer Service Representative | $39,560 | 77.0% |
| Warehouse Worker | $38,580 | 78.9% |
| Nursing Assistant | $38,010 | 80.1% |
| Restaurant Cook | $36,920 | 82.5% |
| Server (Waiter/Waitress) | $36,070 | 84.4% |
| Retail Salesperson | $34,330 | 88.7% |
| Cashier | $30,250 | 100.7% |
Is it cheaper to rent or buy in Miami?
Renting is cheaper right now: about $1,057 a month less.
Owning assumes a typical $518,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $51,810 for the down payment.
Frequently asked questions
What is the average rent in Miami, FL?
Renting in Miami costs a median of about $2,538 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Miami?
To keep rent under 30% of income, you need about $101,520 a year, or $49 an hour at a full-time job.
Is Miami cheap or expensive?
Miami is rated Expensive: rent takes 45.2% of the typical household income of $67,365. It ranks 401st cheapest of 479 Florida cities we track.
How much are property taxes in Miami?
The median homeowner in Miami pays $4,586 a year in property taxes, about 0.89% of the median home value.
Is Miami more expensive than the national average?
Overall prices in the metro area are 14% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Miami?
The median home value in Miami is $518,100, about 7.7 times the typical yearly household income.
459,745 people live in Miami. Numbers are typical (middle) values.