Minneapolis vs Miami: cost of living compared
Miami is 19% more expensive than Minneapolis overall. Miami (FL) has no state income tax; MN tops out around 7.05%.
Indexes use a US average of 100: below 100 is cheaper than the national average. Housing and transportation are derived from median home prices, rents and commute times; figures come from BLS, Census ACS, Numbeo and the MIT Living Wage Calculator.
The big picture
Overall, the cost of living in Miami is considerably higher than in Minneapolis. This significant difference is primarily driven by housing expenses, which are substantially greater in the Florida metro. Other categories like transportation, food, and miscellaneous goods and services also contribute to Miami's higher price tag, though healthcare and utilities show a more modest difference between the two cities. Prospective movers will find their budgets stretched further in the Sunshine State.
Housing
Both buying and renting are noticeably more expensive in Miami compared to Minneapolis. Home prices and typical apartment rents show a substantial gap. Beyond the mortgage, Miami homeowners often face some of the nation's highest insurance premiums, and flood insurance may be necessary. Many newer communities in Miami also include additional association fees. Property taxes in Florida reset to market value upon sale, unlike in Minneapolis where they are generally more stable.
Taxes and everyday costs
Daily expenses vary across categories. A major difference is state income tax, which is absent in Florida but applies in Minnesota. However, transportation, food, and miscellaneous goods and services are all more costly in Miami. Utilities are also somewhat higher in Miami, while healthcare costs are roughly similar in both metros. This means that while some expenses are comparable, many routine purchases will require a larger portion of your income in Miami.
Lifestyle trade-offs
Life in Minneapolis offers four distinct seasons, including cold winters, while Miami provides a tropical climate year-round with warm temperatures and high humidity. Miami experiences a hurricane season during summer and fall. Getting around in Minneapolis often involves a more traditional commute, whereas Miami's urban areas can be denser with a faster pace. Public transit options and reliance on personal vehicles differ, reflecting their distinct urban layouts and climates.
Bottom line
Moving from Minneapolis to Miami generally means a significant increase in overall living expenses, predominantly due to housing. While the absence of state income tax in Florida offers some relief, it is often offset by higher costs in most other categories, particularly for homeowners facing elevated insurance and property tax considerations. A household budget will need to account for these substantial differences, especially concerning shelter and daily spending, when considering such a relocation.
| Measure | Minneapolis, MN | Miami, FL |
|---|---|---|
| Overall cost of living (US avg = 100) | 108 | 128 |
| Housing index | 94 | 158 |
| Transportation index | 98 | 116 |
| Food index | 102 | 108 |
| Healthcare index | 105 | 105 |
| Utilities index | 108 | 112 |
| Misc index | 98 | 108 |
| Median home price | $328,000 | $598,000 |
| Median 1-bedroom rent | $1,450/mo | $2,100/mo |
| Average commute | 27 min | 32 min |
Compare any two metros with the free cost of living tool, or see the true monthly cost of a specific Miami home with the True Cost Calculator.