Is Miami, FL cheaper than Newark, NJ?

Based on cost of living data, Miami, FL is 26.8% cheaper than Newark, NJ. This translates to saving $2009 per month.

What salary do I need in Miami, FL to live like I do in Newark, NJ?

If you earn $150,000 in Newark, NJ, you'd need approximately $125,892.857 in Miami, FL to maintain the same standard of living.

How does housing cost compare between Newark, NJ and Miami, FL?

Housing in Miami, FL is 51.7% cheaper than in Newark, NJ. For a two-bedroom apartment, rent is $2,660/month in Miami, FL compared to $1,930/month in Newark, NJ.

How much can I save per month by moving from Newark, NJ to Miami, FL?

Moving from Newark, NJ to Miami, FL could save you approximately $2009 per month, or $24107 per year, based on a $150,000 salary.

Newark, NJ vs Miami, FL: Cost of Living Comparison 2026

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Cost of Living Comparison 2026

Data: HUD rent estimates, BLS cost of living

Current salary in Newark, NJ

Numbers update automatically as you type

You'd save $2.0K/month moving to Miami, FL

$150.0K in your current city equals $125.9K in Miami, FL

Rent data from HUD ZIP-level estimates · COL index from New York-Newark-Jersey City, NY-NJ-PA area

Overall Cost

↓ 26.8%

Less expensive

Monthly Impact

$2,009

Savings

Annual Impact

$24.1K

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

Newark, NJ

Population:312K

Cost Index:

100

100 = national average

Median Home:$484K

Miami, FL

Population:442K

Cost Index:

(27% below avg)

Median Home:$510K

Newark, NJ

The Garden State

312K

Population

State Tax

Yes

Located in New Jersey, this city has a population of 312K residents.

Miami, FL

The Sunshine State

442K

Population

State Tax

No Income Tax

Climate

Tropical

Notable Facts

•Gateway to Latin America
•Major cruise port
•International business hub

Major Industries

International TradeTourismFinanceReal Estate

Cost Breakdown by Category

Annual spending: Newark, NJ vs Miami, FL

Category	Newark, NJ	Miami, FL	Difference	Change
Housing	$7,648/mo	$3,690/mo	↓ $3,958less	51.7%
Transportation	$1,602/mo	$1,462/mo	↓ $141less	8.8%
Healthcare	$688/mo	$589/mo	↓ $99.13less	14.4%
Groceries	$1,165/mo	$1,079/mo	↓ $85.94less	7.4%
All Utilities	$600/mo	$519/mo	↓ $80.87less	13.5%
Other	$2,034/mo	$2,093/mo	↑ $58.59more	2.9%

Housing

↓ 51.7%

Newark, NJ

$7,648

Miami, FL

$3,690

Difference

$3,958

less

Transportation

↓ 8.8%

Newark, NJ

$1,602

Miami, FL

$1,462

Difference

$141

less

Healthcare

↓ 14.4%

Newark, NJ

$688

Miami, FL

$589

Difference

$99.13

less

Groceries

↓ 7.4%

Newark, NJ

$1,165

Miami, FL

$1,079

Difference

$85.94

less

All Utilities

↓ 13.5%

Newark, NJ

$600

Miami, FL

$519

Difference

$80.87

less

Other

↑ 2.9%

Newark, NJ

$2,034

Miami, FL

$2,093

Difference

$58.59

🏛️ Local Income Taxes

Newark, NJ: Newark Payroll Tax$1,500/yr (1.0%)

Miami, FL has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$1,400

To$1,995

↑ $595

1 Bed

From$1,600

To$2,180

↑ $580

2 Bed

From$1,930

To$2,660

↑ $730

3 Bed

From$2,430

To$3,415

↑ $985

Newark, NJZIP-level data

1BR range: $1,600–$1,610/mo

Miami, FLZIP-level data

1BR range: $1,550–$2,990/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$13,737

Monthly in Newark, NJ

$9,431

Monthly in Miami, FL

$4,306

Difference

Home Values

Newark

Miami

$484K

Median Value

$510K

↓ -0.4%

YoY Change

↓ -3.6%

↑ +30.9%

5-Year Change

↑ +49.4%

$395K - $565K

Price Range

$278K - $1.53M

Homes in Miami are 5% more expensive than Newark

Calculate payment - Newark Calculate payment - Miami

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $7.4K

Per year

Monthly Difference

$619

More take-home

Effective Rate Diff

5.0%

Rate difference

Newark, NJ

Federal Income Tax

Effective: 18.9%

$25.5K

New Jersey State Tax

Effective: 5.0%

$7.4K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 29.6%

$44.4K

Take-Home Pay

$8,796/month

$105.6K

Miami, FL

Federal Income Tax

Effective: 18.9%

$25.5K

Florida State Tax

No state income tax

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 24.7%

$37.0K

Take-Home Pay

$9,416/month

$113.0K

Additional Tax Information

Newark, NJ Tax Rates

Sales Tax:6.6%

Property Tax:2.5%

Miami, FL Tax Rates

Sales Tax:7.2%

Property Tax:0.8%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.