Everything else equal, we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Miami might be more expensive than living in rural Florida, there are certain neighborhoods that are definitely cheaper.
What exactly are those Miami neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and determine which neighborhoods in Miami are the cheapest using Saturday Night Science.
What’s the cheapest neighborhood to live in Miami for 2024? According to the most recent census data, Wynwood looks to be the cheapest Miami neighborhood to live in.
At this point, we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Miami. You could be sacrificing location or crime rates for more space and cheaper groceries.
Read on to see how we determined the places around Miami that deserve a little bragging rights, or maybe you’re interested in the worst neighborhoods in Miami.
For more Florida reading, check out:
- Best Places To Live In Florida
- Cheapest Places To Live In Florida
- Cheapest Cities To Live In America
- Cheapest States To Live In America
Table Of Contents: Top Ten | Methodology | Summary | Table
The 5 Cheapest Neighborhoods To Live In Miami For 2024
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Population: 17,923
Cost Of Living Index: 104 (7th cheapest)
Home Value To Income Ratio: 2.9 (2nd cheapest)
Rent To Income Ratio: 0.024 (4th cheapest)
More on Wynwood: Data | Real Estate
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Population: 112
Cost Of Living Index: 138 (12th cheapest)
Home Value To Income Ratio: 2.4 (cheapest)
Rent To Income Ratio: 0.0 (cheapest)
More on Islands: Data | Real Estate
/10
Population: 25,023
Cost Of Living Index: 93 (2nd cheapest)
Home Value To Income Ratio: 3.9 (3rd cheapest)
Rent To Income Ratio: 0.033 (12th cheapest)
More on Model City: Data | Real Estate
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Population: 19,627
Cost Of Living Index: 117 (9th cheapest)
Home Value To Income Ratio: 5.4 (4th cheapest)
Rent To Income Ratio: 0.025 (6th cheapest)
More on Downtown: Data | Real Estate
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Population: 59,848
Cost Of Living Index: 100 (6th cheapest)
Home Value To Income Ratio: 6.7 (8th cheapest)
Rent To Income Ratio: 0.028 (7th cheapest)
More on Flagami: Data | Real Estate
Methodology: How We Determined The Cheapest Miami Hoods In 2024
To rank the cheapest places to live in Miami, we had to determine what criteria define “cheap” and then apply Saturday Night Science.
Using Census and extrapolated BLS data, we arrived at the following set of criteria:
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 14 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index, the “Cheapest City Neighborhood In Miami.” We’re lookin’ at you, Wynwood.
We updated this article for 2024. This is our fourth time ranking the cheapest neighborhoods to live in Miami. Skip to the end to see the list of all the neighborhoods in the city, from cheapest to most expensive.
Summary: Lowest Cost Places To Live In Miami
If you’re measuring the neighborhoods in Miami where prices are low, and it’s cheap to live, this is an accurate list.
The most affordable neighborhoods in Miami are Wynwood, Islands, Model City, Downtown, Flagami, Coral Way, Little Haiti, North Coconut Grove, South Coconut Grove, and Overtown.
As mentioned earlier, the neighborhoods in Miami aren’t all cheap. Upper Eastside takes the title of the most expensive neighborhood to live in Miami.
The most expensive neighborhoods in Miami are Upper Eastside, Little Havana, West Flagler, Allapattah, and Overtown.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Florida reading, check out:
- Most Dangerous Places In Florida
- Richest Cities In Florida
- Safest Places In Florida
- Worst Places To Live In Florida
Detailed List Of The Cheapest Neighborhoods To Live In Miami For 2024
| Rank | Neighborhood | Cost Of Living Index |
|---|---|---|
| 1 | Wynwood | 104 |
| 2 | Islands | 138 |
| 3 | Model City | 93 |
| 4 | Downtown | 117 |
| 5 | Flagami | 100 |
| 6 | Coral Way | 122 |
| 7 | Little Haiti | 92 |
| 8 | North Coconut Grove | 155 |
| 9 | South Coconut Grove | 144 |
| 10 | Overtown | 93 |
| 11 | Allapattah | 94 |
| 12 | West Flagler | 110 |
| 13 | Little Havana | 96 |
| 14 | Upper Eastside | 122 |