Miami cost of living calculator
Three tools built on public data we update every month: work out your monthly cost in any area, compare up to three areas and find where you can afford to live on your income.
This calculator needs JavaScript. In the meantime, see the data on our home prices by area page.
*Rent for the area's main ZIP code. Values are typical mid-range values, not listing prices. Cheapest is not always best: also compare schools, commutes and flood risk in each guide.
*Rent for the area's main ZIP code. Rule of thumb: many landlords ask for income of about 3 times the rent. If you have no credit history, read how to rent in Miami without a credit history.
Rule of thumb: spend no more than 28% of gross income on housing (mortgage, taxes and insurance). Uses the down payment, rate and homeowners insurance from the calculator; the default insurance is the Miami average and may be lower for a cheaper house. For condos it does not include the condo fee or unit insurance.
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How is it calculated?
- Values and rents: typical mid-range house and condo values and typical rent by area, from Zillow Research (September 2026). They are estimates for comparing areas, not an appraisal.
- Mortgage: 30-year fixed-rate loan, with the down payment and rate you choose. The default rate is Freddie Mac's weekly national average.
- Property tax: each municipality's total 2025 rate applied to 85% of the price, an approximation of taxable value after purchase. With homestead we subtract $50,000; in practice, the second half of that exemption does not apply to the school portion.
- Flood insurance: the median annual cost of the federal (NFIP) policy on houses in each area, according to OpenFEMA. It depends heavily on the specific home.
- Homeowners insurance: by default, the Miami average according to Insurify. It can vary widely with the home, its age and its roof.
The full data by area, with charts and sources, is on our Miami home prices by area page.
Not sure which area to choose yet? Try our neighborhood recommender.
Frequently asked questions
How much does it cost to live in Miami per month?
It depends heavily on the area. Rent averages $2,789 a month in Miami-Dade according to Zillow (September 2026), ranging from $2,067 in Little Havana to $7,716 in Key Biscayne. Buying a typical house with 25% down usually costs more per month than renting, mainly because of insurance and property tax.
How much do you need to earn to live in Miami?
To rent, many landlords ask for income of about 3 times the rent: with typical Miami-Dade rent, about $8,367 a month. Use the "What can I afford?" tab to see it area by area, for buying too.
How much does home insurance cost in Miami?
Homeowners insurance averages about $15,360 a year in Miami according to Insurify, for $300,000 of dwelling coverage. Flood insurance is separate: the typical federal policy on a house ranges from $552 a year in Miami Lakes to $4,629 in Key Biscayne.
Is this data updated?
Yes. Values, rents and insurance are updated every month with new Zillow and OpenFEMA data, just like our home prices by area page.
Sources
- Zillow Research: ZHVI, ZORI
- OpenFEMA: NFIP redacted policies
- Miami-Dade Property Appraiser: 2025 millage rates
- Freddie Mac: Primary Mortgage Market Survey (October 29, 2026)
- Insurify: Miami homeowners insurance (October 21, 2026)
General information, not a credit offer, an appraisal or financial advice. Figures are estimates based on public data and may change. Before you rent or buy, get real quotes and consult licensed professionals.