Miami Cost of Living and Wages

We all know that a dollar earned in Miami is worth more than a dollar earned in New York but less than a dollar earned in Sioux Falls, SD. Do you know exactly how far your money goes? In this article, we take a look at income and the cost of living in Miami.

Let's start with income. How much do you make relative to your neighbors? Of course, the true results will vary by ZIP code. Undoubtedly, incomes are higher in Coral Gables than Overtown. Here are the inflation-adjusted (in 2003 dollars) numbers from the U.S. Census:

• 2000 Income: $53,574 (average), $37,509 (median)
• 2001 Income: $50,261 (average), $35,241 (median)
• 2002 Income: $53,361 (average), $36,809 (median)
• 2003 Income: $51,924 (average), $36,089 (median)

So, what's that really worth? Let's assume you make the 2003 average of $51,924 in Miami. Here are the amounts (accoring to the Homefair.com salary comparison calculator) you'd need to make in other cities to achieve the same standard of living:

• Phoenix $39,519
• Indianapolis $40,070
• Atlanta $44,830
• Orlando $45,306
• Miami $51,924
• Seattle $54,320
• Boston $63,192
• Chicago $66,966
• San Francisco $89,464
• New York $96,204

Finally, let's take a look at average wages for the top 20 professions in Miami. They appear in the table at the bottom of this page.