F
48%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
151%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Miami Shores Florida National
Cost of living14898100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing25196100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Miami Shores, FL

The cost of living in Miami Shores affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Miami Shores is 148, which is 48% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Miami Shores is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Miami Shores falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Miami Shores, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 150.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Miami Shores Affordable?

Wondering if Miami Shores is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Miami Shores, for example, the median home price is 201.1% higher than what folks pay nationally, and monthly rent is 33.9% higher than the usual rates. Plus, income levels matter too, with Miami Shores boasting a median household income of $125,202, which is 126.3% higher than the national average.

What Factors can Influence the Cost of Living in Miami Shores?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Miami Shores, the standard sales tax rate starts at 6%, and the income tax rates commence at 0%.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Miami Shores, healthcare costs are 4.2% lower than the national average.

Where is the Data From?

The Miami Shores cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Miami Shores is 52% higher than the Florida average
  • The cost of living in Miami Shores is 48% higher than the national average
  • Miami Shores housing is 151% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Miami Shores

See all the best places to live around Miami Shores

Compare Miami Shores, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$138,839$11,570$3,239$4,166
      Renters$51,875$4,323$1,210$1,556
      A good way to judge both the affordability of the housing and the cost of living in Miami Shores is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Miami Shores has a median income of about $138,839 for people who own homes. Based on that number, a maximum of $3,239 should be spent on expenses related to housing. Renters have a slightly different median income, which is $51,875. Based on this average, renters should spend no more than $1,210 on all rental costs if they want to maintain a non-impoverished standard of living.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Miami Shores National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Miami Shores National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Miami Shores National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Miami Shores National avg. Difference
      Home Price $556,100.00$184,700.00201.1%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,271.00$949.0033.9%

      Transportation

      Item Miami Shores National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Miami Shores National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Medley, FL1,0538712.6%
      Pembroke Park, FL6,7168910.9%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      Miami Shores, FL10,37214848.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Rideau Lakes, ON10,371n/a 
      Progress Village, FL10,3731033.1%
      Gloucester Point, VA10,3731076.7%
      Columbia, PA10,369954.7%
      Richmond Heights, OH10,376919.3%
      Miami Shores, FL10,37214848.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.