Here's How Expensive Miami Has Become Since 2020

We are all well aware of how expensive it is to live in Miami, but here is another report just in case.

Travel and finance website Upgraded Points analyzed how inflation-adjusted wages and the costs of goods and services have changed across U.S. metropolitan areas between December 2020 and December 2024 to find the cities where residents have lost the most purchasing power.

"Between December 2020 and December 2024, nominal wages increased by 17.3 percent nationwide, but prices rose by a cumulative 21.2 percent, leading to a 3.2 percent decline in real earnings over that period," the report states.

Upgraded Points retrieved data from the U.S. Bureau of Labor Statistics (BLS), including the Consumer Price Index (CPI) and Current Employment Statistics (CES), to complete the analysis. During these four years, inflation outpaced wage growth in every major metro in the U.S. except Houston and Tampa.

Unsurprisingly, Miami saw the greatest overall cumulative inflation, with a 27.9 percent increase. Tampa and Atlanta followed with 26.4 and 26.1 percent increases, respectively. Additionally, according to the report, the areas experiencing the highest overall inflation growth have seen an influx of new residents since the pandemic.

"Notably, the hardest-hit metros were those that have attracted waves of new residents in recent years due to their traditionally lower costs of living," the report reads. "As demand surged, so did prices, erasing much of their historical affordability advantage."

Real wages, AKA earnings that take inflation into account, decreased by nearly 10 percent in Miami. Miami's housing costs, in particular, skyrocketed almost 40 percent, nearly doubling the national rate. Grocery prices in Miami increased by more than 13 percent.

The high cost of living may explain why thousands of people have left Miami-Dade County for different parts of Florida or to other states entirely. Here is how the 21 metro areas stacked up when it comes to wage growth and inflation: