Cost of Living in Miami, FL
A comprehensive look at housing costs in Miami for 2025.
Crisis
Affordability Score
Home Price
🏠$580K
Monthly Rent
🔑$2,200
Monthly Mortgage
🏦$3,087
7% rate, 20% down
Median Income
💰$48K
Housing Costs Overview
The median home price in Miami is $580K, which is 41% higher than the national median of $410K. The median rent is $2,200/month, 47% above the national median.
Monthly Mortgage Breakdown
Based on 30-year fixed at 7% with 20% down payment ($116K). Total cost over 30 years: $1.1M.
Rent vs. National Average
At $2,200/month, renting in Miami means spending about $26K per year on housing. The rent-to-income ratio is 45.0%, which exceeds the recommended 30% threshold.
Compared to Florida
Home Price
$580K
vs $381K state
Rent
$2,200
vs $1,719 state
Income
$48K
vs $73K state
Is Miami Getting More Expensive?
Over the past year, home prices in Miami changed by 5.5% and rents by 4.5%. The rapid price growth is putting additional pressure on affordability.