Living in Miami, Florida
Cost of living, income, home prices, rent and demographics of Miami · Census data 2020–2024
Miami has 459,745 residents with a median age of 39.3. The median household income is $62,462 (16% lower than the Florida median), the median home value is $518,100, the median rent is $1,758/month.
Miami at a glance
- Population
- 459,745
- Median age
- 39.3State: 42.6
- Median household income
- $62,462State: $74,568
- Median home value
- $518,100State: $359,000
- Median rent
- $1,758/moState: $1,669
- Homeowners
- 30.8%
- Bachelor's degree or higher
- 37.4%
- Average commute
- 27 min
Is Miami a good place to live?
Pros: An average commute of 27 minutes.
Cons: Median household income 16% lower than the Florida median; home values 44% higher than the state median; unemployment of 5.2%; a poverty rate of 19.4%.
The weather is best in February–March and November–December.
Cost of living in Miami
Housing is the biggest part of the cost of living. In Miami the median home value is $518,100, 56% higher than the U.S. median. Renters pay a median of $1,758 per month, which is 37% of household income. Homeowners with a mortgage pay $2,863 a month in housing costs.
Miami median household income
The median household income in Miami is $62,462 and the income per person is $45,837. 19.4% of residents live below the poverty line (Florida: 12.6%).
Housing in Miami: homes for sale and rent
- Housing units
- 223,826
- Owner-occupied
- 30.8%
- Renter-occupied
- 69.2%
- Vacant
- 13%Includes seasonal homes
- Median year built
- 1979
- Average household size
- 2.32
Miami demographics
- Population
- 459,745
- Median age
- 39.3
- Under 18
- 16.5%
- 65 and older
- 15.9%
- Households
- 194,821
- Foreign-born
- 57.7%
- Veterans
- 1.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Miami ›
Education in Miami
37.4% of adults 25 and older in Miami have a bachelor's degree or higher (Florida: 34.1%), and 14.9% have a graduate or professional degree.
Jobs and commute in Miami
- Unemployment rate
- 5.2%State: 4.8%
- Average commute
- 27 minState: 28 min
- Work from home
- 16%
- Drive alone
- 59.3%
- Public transit
- 7.1%
- Walk to work
- 5.2%
- Homes with broadband
- 83.6%
Miami vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Miami | 459,745 | $62,462 | $518,100 | $1,758 |
| Brownsville | 16,936 | $40,795 | $325,200 | $1,252 |
| Fisher Island | 1,026 | $250,001 | $2,000,001 | — |
| Miami Beach | 82,031 | $72,856 | $556,700 | $1,826 |
| Gladeview | 16,655 | $47,469 | $402,600 | $1,341 |
| El Portal | 1,809 | $108,167 | $723,900 | $2,042 |
| West Miami | 7,162 | $61,274 | $488,800 | $2,210 |
| Miami Springs | 13,726 | $87,099 | $560,800 | $1,441 |
| West Little River | 33,890 | $56,436 | $375,300 | $1,482 |
More for people moving to Miami
Miami ZIP code ›Weather and climate ›Living in Miami: FAQ
What is the median household income in Miami, FL?
The median household income in Miami is $62,462, 16% lower than the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Miami?
The median home value in Miami is $518,100, compared with $359,000 in Florida.
How much is rent in Miami?
The median gross rent in Miami is $1,758 per month, about 37% of household income.
Is Miami, FL a good place to live?
Pluses: an average commute of 27 minutes. Minuses: median household income 16% lower than the Florida median; home values 44% higher than the state median; unemployment of 5.2%; a poverty rate of 19.4%.
What is the median age in Miami?
The median age in Miami is 39.3 years (Florida: 42.6).
How long is the commute in Miami?
The average commute to work in Miami is 27 minutes; 16% of workers work from home.
What is the unemployment rate in Miami?
The unemployment rate in Miami is 5.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Miami?
37.4% of adults in Miami have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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