Families in Miami earn a median $66,337 a year, and the typical owned home is worth $598,200. A simple rule puts the need for a typical family here at about $1,000,000. Term life is usually the lowest cost way to get there.
Miami by the numbers
- Median household income
- $66,337Lower than the Florida median of $77,735
- Typical home value
- $598,200Higher than the Florida median of $396,900
- Homes owned
- 33%55% of owned homes have a mortgage
- Households with kids
- 22%202,757 households in all
- Age 65 and older
- 16%Median age 38.8
- Veterans
- 5,5881.4% of adults
Living in Miami
Miami is the 2nd largest city in Florida, with 487,006 residents and a median age of 38.8. That is younger than the state as a whole, so more families here are in the years when term life matters most.
The median household here earns $66,337, below the US median of $81,604. The typical home costs about 9 times that income, a heavy load for one paycheck to carry alone.
Compared with nearby Hialeah (9 miles away), homes in Miami are worth more ($598,200 vs $446,800), and fewer households have kids at home.
The biggest hands on job group here is sales, at 11.1% of workers. Work coverage usually ends when you leave the job, so a policy you own stays put.
Who works in Miami
The biggest groups of hands on and front line jobs here, as a share of all workers. Some of these jobs can change your price, and some companies treat them better than others.
What fits families in Miami
55% of owned homes in Miami still have a mortgage. If your family would struggle to make that payment without you, size a policy to the loan. More on mortgage protection
22% of households here have kids under 18. Term life covers the years they depend on you for the lowest price. More on term life
16% of people in Miami are 65 or older, lower than the Florida rate. A small policy keeps funeral costs off the family. More on final expense
About 5,588 veterans live in Miami. VGLI is not your only choice. More on veterans
Final expense and burial insurance in Miami
About 78,300 people in Miami are 65 or older. A small final expense policy, also called burial insurance, pays for the funeral so the family does not have to.
| Age | Women, $10,000 | Men, $10,000 |
|---|---|---|
| 60 | $33 | $43 |
| 70 | $53 | $70 |
| 80 | $98 | $134 |
National sample rates, Choice Mutual, Rates valid as of March 9, 2026. Not a quote. Funeral costs and help in Florida
Florida rules that protect you
- Free look: set by policy
- Grace period: 30 days if you miss a payment
- Guaranty protection: up to $300,000 in death benefits
- Help line: Florida Department of Financial Services, Division of Consumer Services, 1-877-693-5236
Common questions in Miami
How much life insurance do I need in Miami?
A quick rule of thumb: 10 years of income plus what you owe on your home. With Miami's median household income of $66,337 and a typical home value of $598,200, that lands near $1,000,000 for a typical family. Your number depends on your debts, kids and savings. Our calculator does the math.
Can I get life insurance in Miami without a medical exam?
Often, yes. Many companies approve healthy people with health questions and records instead of an exam. Older buyers can also look at simplified issue or guaranteed issue final expense plans.
Do I need an agent licensed in Florida?
Yes. An agent must hold a Florida license to sell you a policy. You can check a license with the Florida Department of Financial Services, Division of Consumer Services at 1-877-693-5236.
Source: Florida Department of Financial Services, Division of Consumer Services
What does a funeral cost near Miami?
Local prices vary by funeral home. Nationally, the median funeral with viewing and burial was $8,300 in 2023, and $6,280 with cremation (NFDA). Under the FTC Funeral Rule, any funeral home in Miami must give you an itemized price list.
Source: FTC Funeral Rule · NFDA price study
What happens if my insurance company fails in Florida?
The Florida Life & Health Insurance Guaranty Association protects Florida policyholders up to $300,000 in death benefits, per insured person.
Source: Florida Life & Health Insurance Guaranty Association · NOLHGA: how you are protected
Near Miami
Hialeah (9 mi), Miami Gardens (12 mi), Miramar (16 mi), Hollywood (18 mi), Pembroke Pines (18 mi), Davie (22 mi)
Sources
- Census ACS 2024 1 year estimates, table based summary file
- Census 2024 Gazetteer place file
- 2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral (NFDA)
- Florida Department of Financial Services, Division of Consumer Services
- Florida Life & Health Insurance Guaranty Association
Local numbers are Census American Community Survey 2024 one year estimates for Miami, FL. The coverage figure is a rule of thumb, not advice.
