How Much You Should Be Earning to Live Comfortably in Miami

Whether you plan to rent or buy, housing is likely to be your biggest expense. As of early 2025, the median home price in Miami sits at around $650,000—an increase of nearly 16% compared to the previous year. Condominiums are priced around $453,000, but with homeownership come additional costs like property taxes and insurance.

Miami property taxes are typically around 1% of the assessed value. For example, on a median home priced at $690,000, you could expect to pay $6,600 annually in property taxes. However, homeowners in Florida also need to account for significant insurance costs—home insurance averages about $4,200 per year, with flood insurance being an additional cost if you live in a flood-prone area.

Renters in Miami can expect to pay around $2,645 per month for a one-bedroom apartment in popular areas like Downtown or Brickell. The rent can be significantly higher in trendy neighborhoods like Miami Beach, but more affordable options are available in areas such as Hallandale Beach, Aventura, and Hollywood, where rents can range from $1,800 to $2,400 per month.

For utilities, residents pay around $246 a month for services like electricity and water. Those living in homes may also incur additional costs for property maintenance, such as lawn care and upkeep of the front or back yard.

Miami is a car-dependent city, meaning owning a vehicle can be an expensive proposition. The average annual car-related expenses (including car payment, insurance, and gas) come to around $5,500. Car insurance itself is typically around $5,214 annually, though this figure can vary based on the car’s make, model, and your location in Miami.

Public transportation is available through the Metrorail, Metro Bus, and Metromover, with fares priced at $2.25 per ride. However, if you’re living outside the downtown core, public transportation may not be sufficient, and owning a car may be necessary.

In busy neighborhoods like Brickell, Wynwood, and Midtown, many residents opt for Uber or public transit instead of dealing with the hassle and expense of parking. If you do need to park, street parking can cost between $2 and $4 per hour, with valet services charging anywhere from $10 to $40 per hour at night.

Miami is known for its diverse and vibrant dining scene. If you enjoy dining out, you can expect to pay about $14.46 per day for groceries, equaling around $450 a month. Eating out, however, will depend on your tastes.

Budget-friendly meals at chain restaurants may cost about $20, while a nicer, local restaurant might range from $30 to $50 per meal. On the higher end, you could easily spend between $100 and $1,000 per person at some of the city’s more luxurious spots.

Entertainment costs can range drastically, with a night out at a club potentially costing anywhere from $200 to $30,000—depending on your venue and bottle service choices. For a more laid-back experience, cultural events like concerts or sports games are more affordable, with tickets typically costing less than $100. On the premium side, however, front-row concert tickets can easily set you back between $3,000 and $5,000.

Health insurance premiums in Miami typically range from $250 to $400 a month, though costs can vary based on age, health, and the plan you choose.

One of Miami’s major draws is its lack of state income tax, a significant perk for many relocating from states with high income taxes. Florida’s sales tax is around 7%, which is relatively low compared to other states.

However, property taxes and insurance rates can be high, particularly when considering the potential costs of hurricanes and other natural disasters.

The answer depends on your lifestyle, expectations, and whether you’re planning to rent or buy. Here’s a breakdown of expected earnings based on your living preferences and lifestyle:

$60,000–$70,000: A Frugal Yet Comfortable Life

If you’re looking to live in more affordable areas outside of Miami’s trendy neighborhoods, a salary of around $60,000 to $70,000 may suffice.

This range is ideal for those who are frugal, don’t mind living a bit further from downtown, and are looking for a modest lifestyle. You could find a small apartment in areas like Hallandale Beach, Aventura, or even further north, where rents tend to be lower than in prime city locations.

With this salary, you’ll be able to cover rent, utilities, groceries, and transportation, but social activities and dining out may be limited depending on your specific lifestyle.

$80,000–$100,000: A More Comfortable Miami Lifestyle

For those wanting to live in Miami’s more popular neighborhoods like Brickell, Wynwood, or Downtown, earning between $80,000 and $100,000 is typically recommended.

At this income level, you can enjoy a more comfortable lifestyle, including the ability to dine out, go out for drinks, and shop for non-essential items without constantly stressing about your budget.

You’ll also be able to afford higher rent in central areas and keep up with the cost of owning a car, although it might require you to cut back on luxury purchases or travel. $90,000 is often seen as the sweet spot for those who want to enjoy Miami’s amenities without feeling too tight financially.

$120,000 and Beyond: Living the Miami Dream

If your goal is to live in the heart of Miami’s luxury lifestyle—think living in a high-rise in Brickell or Miami Beach, dining out regularly, and enjoying frequent trips to the beach—then a six-figure salary is essential.

Earning $120,000 to $140,000 a year will allow you to fully enjoy everything Miami has to offer, including premium apartments, frequent social activities, and a more flexible lifestyle.

While it’s still possible to survive on a lower income, most would agree that $120,000+ is necessary to live comfortably in Miami without constantly worrying about money. Miami has become comparable to New York or San Francisco in terms of lifestyle cost, but the wages haven’t kept up, so a higher salary is required to enjoy the city fully.

Neighborhood incomes vary widely across the city. Here’s a snapshot of the average income by neighborhood to help you understand how the cost of living compares:

• Brickell: $160,000
• Coral Gables: $182,000
• Coconut Grove: $153,000
• Miami Beach: $116,000
• Downtown: $97,000
• North Miami: $44,000
• Little Havana: $55,000
• Fisher Island: $2,200,000

Lifestyle Choices Matter

The amount you need to earn to live comfortably in Miami largely depends on how much you plan to spend. If you plan to own a car, frequently dine out, and partake in the city’s nightlife and events, you’ll need a higher salary to accommodate these expenses. On the other hand, if you’re more minimalist and don’t mind living in a less trendy area, you can get by on a smaller income.

Consider the Location

Different areas of Miami come with drastically different costs. Areas like Brickell, Coconut Grove, and Miami Beach are on the pricier side, with high rents and higher living costs. However, areas further out, like Hialeah, Little Havana, or parts of North Miami, offer more affordable housing options.

If you’re willing to commute to work or live slightly further from the city center, you can save significantly on rent and utilities.

Housing Market Challenges

With Miami’s housing market becoming increasingly competitive and expensive, many people have had to reconsider their housing options. Renting may be a better option than buying, especially if you’re just starting out in the city. But if you do want to buy, be ready for high down payments and costly mortgage payments.