Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $67,698 | $71,865 | $78,145 |
| Median Personal Income | $59,404 | $53,537 | $61,726 |
| Average income growth | 5.2% | 5.7% | 5.1% |
| Six-Figure Earners | 19.5% | 10.9% | 13.2% |
The median household income in Miami Beach is about 6% lower than in Florida. Income has been growing slower in Miami Beach (5.2%/yr) than in Florida (5.7%/yr).
About 19% of adults in Miami Beach earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Miami Beach, Florida grew by 60.0% from 2009 to 2023, reaching $67,698 in 2023. That's an average of about 5.2% per year.
Economic Inequality in Miami Beach | Gender Pay Gap | Gini Coefficient
| Metric | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.566 | 0.570 |
| Male Median Income | $69,198 | $58,426 | $67,746 |
| Female Median Income | $50,181 | $48,893 | $54,793 |
| Gender Pay Gap | 27.5% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Miami Beach, it is 0.567, about the same as Florida's 0.566, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 38% more than women's income in Miami Beach, Florida. Over a 35-year career, a 38% wage gap accumulates to roughly $665,595 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Miami Beach, Florida has widened from about 15% to 27% in 2023. In dollar terms, the gap has widened by $12,579 since 2009.
Employment
| Metric | Miami Beach | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 4.8% | 5.2% |
| Working from Home | 20.1% | 13.9% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,570 people are unemployed in Miami Beach, Florida.
The average commute time in Miami Beach is 23 minutes, about the same as in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Miami Beach, Florida has fallen from 5.1% to 4.1% in 2023.
Conclusion
Considering all these factors, Miami Beach, Florida has an overall wealth index grade of B, making it somewhat better than Florida, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Miami Beach, Florida.
How Rich Is Miami Beach, Florida?
Miami Beach has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $67,698, about 6% lower than the Florida average of $71,865.
What is the current median household income in Miami Beach, Florida?
As of 2023, the median household income in Miami Beach, Florida is $67,698.
What was the median household income in Miami Beach in 2023?
In 2023, the median household income in Miami Beach, Florida was $67,698.
What was the median household income in Miami Beach in 2020?
In 2020, the median household income in Miami Beach, Florida was $58,880.
What is the Gini coefficient in Miami Beach, Florida?
The Gini coefficient in Miami Beach is 0.567. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Miami Beach, Florida?
Since 2009, the income gap between men and women in Miami Beach, Florida has widened from about 15% to 27% in 2023. In dollar terms, the gap has widened by $12,579 since 2009.