Miami, FL is a vibrant city known for its lively culture and attractions. It is also known for being one of the most expensive cities in terms of cost of living, with prices higher than the US average in a variety of areas. The rent for a 2 bedroom apartment in Miami is $1,950, compared to the US average rent at $1,430. Additionally, the Grocery Cost Index in Miami is 107 versus 100 in the US. This means that groceries tend to be slightly more expensive than other areas.
Miami offers many amenities and services that make it an attractive place to live. Companies such as Brightline, Intermiami CF soccer team and Carnival Cruise Lines provide residents with job opportunities and entertainment options. There are also numerous shops, restaurants and nightlife spots scattered throughout the city which make it fun and exciting to explore! Despite its high cost of living, Miami remains a popular destination for many people who are willing to pay for its unique offerings.
Miami has an unemployment rate of 8.3%. The US average is 6.0%.
Miami has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 42.7%, which is higher than the US average of 33.5%.
Tax Rates for Miami
- The Sales Tax Rate for Miami is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Miami is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Miami
- The average income of a Miami resident is $21,724 a year. The US average is $28,555 a year.
- The Median household income of a Miami resident is $47,860 a year. The US average is $69,021 a year.