Everything else equal, I think 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.
So 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 find out which neighborhoods in Miami are the cheapest.
Here are the cheapest neighborhoods in Miami for 2020:
What’s the cheapest neighborhood to live in Miami for 2020? According to the most recent census data, Little Haiti looks to be the cheaptest 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 in return 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.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more Florida reading, check out:
- Best Places To Live In Florida
- Best Counties To Live In Florida
- Cheapest Cities To Live In America
- Cheapest States To Live In America
How We Determined The Cheapest Miami Hoods In 2020
In order to rank the cheapest places to live in Miami, we had to determine what criteria defines “cheap”.
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 13 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, Little Haiti.
Read on below to learn more about what it’s like to live in the cheapest places Miami. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 5 Cheapest Neighborhoods To Live In Miami For 2020
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Population: 33,229
Cost Of Living Index: 90 (1st cheapest)
Home Value To Income Ratio: 3.3 (2nd cheapest)
Rent To Income Ratio: 0.031 (8th cheapest)
More on Little Haiti: Homes For Sale | Data
Little Haiti is a neighborhood of Miami, Florida, United States. It is known historically as Lemon City, Little River and Edison. It is home to many Haitian immigrant residents, as well as many residents from the rest of the Caribbean. The fastest growing group in the area is Hispanic.
The median income in Little Haiti comes in at $26,753 and the median home value is $88,621 for 2020.
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Population: 17,923
Cost Of Living Index: 102 (7th cheapest)
Home Value To Income Ratio: 2.9 (1st cheapest)
Rent To Income Ratio: 0.024 (5th cheapest)
More on Wynwood: Homes For Sale | Data
Wynwood is a neighborhood in Miami, Florida. Wynwood is best known for being a prominent entertainment district, dotted with artwork, restaurants, breweries, clothing stores, dance venues, among other retail options. Formerly an industrial district, the area is highlighted by colorful murals that cover the walls of many of the buildings. It is north of Downtown Miami and Overtown, and adjacent to Edgewater. The Wynwood Art District is one of the most popular sites to visit in the heart of Miami, Florida. Wynwood has two major sub-districts, the Wynwood Art District in northern Wynwood, and the Wynwood Fashion District along West 5th Avenue. Wynwood is roughly divided by North 20th Street to the south, I-195 to the north, I-95 to the west and the Florida East Coast Railway to the east.
The median income in Wynwood comes in at $53,417 and the median home value is $156,805 for 2020.
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Population: 30,065
Cost Of Living Index: 115 (9th cheapest)
Home Value To Income Ratio: 3.8 (3rd cheapest)
Rent To Income Ratio: 0.018 (3rd cheapest)
More on Downtown: Homes For Sale | Data
Downtown Miami is an urban city center, based around the Central Business District of Miami, Florida, United States. In addition to the central business district, the area also consists of the Brickell Financial District, Historic District, Government Center, Omni and Park West. The neighborhood is divided by the Miami River and is bordered by Midtown to the north, Biscayne Bay to the east, Civic Center and Overtown to the west, and Coconut Grove to the south.
The median income in Downtown comes in at $71,374 and the median home value is $273,208 for 2020.
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Population: 25,023
Cost Of Living Index: 91 (2nd cheapest)
Home Value To Income Ratio: 3.9 (4th cheapest)
Rent To Income Ratio: 0.033 (10th cheapest)
More on Model City: Homes For Sale | Data
The median income in Model City comes in at $24,443 and the median home value is $94,396 for 2020.
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Population: 48,321
Cost Of Living Index: 92 (4th cheapest)
Home Value To Income Ratio: 4.6 (5th cheapest)
Rent To Income Ratio: 0.034 (11th cheapest)
More on Allapattah: Homes For Sale | Data
The median income in Allapattah comes in at $23,663 and the median home value is $107,909 for 2020.
Summing Up The Cheapest Places 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.
As we mentioned earlier, the neighborhoods in Miami aren’t all cheap. West Flagler takes the title of the most expensive neighborhood to live in Miami.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more Florida reading, check out:
- Cheapest Places To Live In Florida
- Best Places To Raise A Family In Florida
- Best Places To Retire 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 2020
| Rank | Neighborhood | Cost Of Living Index |
|---|---|---|
| 1 | Little Haiti | 90 |
| 2 | Wynwood | 102 |
| 3 | Downtown | 115 |
| 4 | Model City | 91 |
| 5 | Allapattah | 92 |
| 6 | Flagami | 98 |
| 7 | Overtown | 91 |
| 8 | South Coconut Grove | 142 |
| 9 | North Coconut Grove | 153 |
| 10 | Little Havana | 94 |
| 11 | Upper Eastside | 120 |
| 12 | Coral Way | 120 |
| 13 | West Flagler | 108 |
