More Affordable than Other Major Coastal Cities

Miami-Dade County’s cost of living is comparable with other major American cities, and lower than other coastal metropolitan areas like Boston, New York City, Washington, D.C. and Los Angeles.

Miami-Dade residents benefit from the state’s low-tax climate with no personal income tax and a special homestead exemption on a primary home.

Cost of Living Index

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*National Average is 100

Source: Council for Community and Economic Research, Cost of Living Index, 3rd Quarter 2017

Housing Market

Miami-Dade has one of the most diverse housing markets in the country with a rich variety of residential neighborhoods to suit all lifestyles.

Housing options in Miami-Dade County include:

  • Urban condominiums in the downtown, Brickell and Biscayne Boulevard neighborhoods
  • Suburban condos throughout the county
  • Luxury beachfront and waterfront condos along the Atlantic Ocean, Biscayne Bay and the Intracoastal Waterway
  • Waterfront, island and country club estate homes suited for executives and business owners
  • Single-family houses, including vintage homes from the 1920s and ‘30s with unique architecture
  • Art Deco homes from the 1930s and ’40s
  • Suburban single-family homes from the 1950s onward
  • New homes constructed in the past decade with the latest design and energy-saving features

Tax Structure

 

Personal

Income Tax (%)

Corporate

Income Tax (%)

Sales Tax (%)

Metro Areas

State

Local

State

Local

State

Local

Miami-Dade

0.0

0.0

5.5

0.0

6.0

1.0

New York

4.0-8.82

2.9-3.88

7.1

8.85

4.0

4.875

Chicago

5.0

0.0

9.5

0.0

6.25

3.0

Los Angeles

1.0-12.3

0.0

8.84

0.0

7.5

2.0

Houston

0.0

0.0

1.0

0.0

6.25

2.0

Atlanta

01.0-6.0

0.0

6.0

0.0

4.0

4.0

The Miami-Dade Beacon Council, Research Department 2016

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