South Beach, FL is a popular and vibrant destination for tourists and locals alike. This iconic beach town is known for its exciting nightlife, luxurious hotels and restaurants, as well as its beautiful beaches. The cost of living in South Beach is higher than the national average, with two bedroom apartments renting for $1,850 compared to $1,430 across the US. Grocery costs are also higher in South Beach with an index of 114 compared to 100 nationally. Some local companies in South Beach include LoKal Burgers & Beer, Big Pink Restaurant Group, Miami Smokers, Katsuya South Beach and Rosa Mexicano.
South Beach has an unemployment rate of 5.2%. The US average is 6.0%.
South Beach has seen the job market decrease by -5.6% over the last year. Future job growth over the next ten years is predicted to be 38.4%, which is higher than the US average of 33.5%.
Tax Rates for South Beach
- The Sales Tax Rate for South Beach is 7.0%. The US average is 7.3%.
- The Income Tax Rate for South Beach 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 South Beach
- The average income of a South Beach resident is $128,983 a year. The US average is $37,638 a year.
- The Median household income of a South Beach resident is $148,239 a year. The US average is $69,021 a year.