Consumers in the Greater Miami area carry an average non-mortgage debt load of $24,694, according to Experian data from the third quarter (Q3) of 2023. That’s up 7.2% from the same quarter in 2022, growth that slightly outpaces the overall average U.S. growth of 5.9%.
Comparatively, Miami’s average non-mortgage debt balance remains pretty close to what’s observed in the U.S. as a whole. It’s just 3% higher than the national average of $23,963. That could be for a variety of reasons, but it’s no secret that Miami has a higher cost of living than much of the rest of the country. In fact, according to the U.S. Bureau of Labor Statistics, Miami households typically spend 37.3% of their budget on housing costs, which is higher than the U.S. average of 33.5%. When housing expenses take up more of a person’s monthly budget, budget shortfalls may make them more likely to turn to credit cards and personal loans.
| Non-Mortgage Debt: Greater Miami vs. National Average | |||
| 2022 | 2023 | Change | |
| Miami | $23,016 | $24,694 | +7.2% |
| National Average | $22,621 | $23,963 | +5.9% |
| Greater Miami Cities by Average Non-Mortgage Debt Balance | |||
| Rank | City | Average Mortgage Balance | Average Non-Mortgage Debt Balance |
| 1 | Miramar | $266,753 | $30,345 |
| 2 | Davie | $309,227 | $28,507 |
| 3 | Plantation | $272,342 | $27,640 |
| 4 | Coral Springs | $281,506 | $27,636 |
| 5 | Homestead | $254,646 | $27,085 |
| 6 | Jupiter | $338,772 | $27,033 |
| 7 | Pembroke Pines | $245,486 | $26,495 |
| 8 | Palm Beach Gardens | $339,103 | $26,109 |
| 9 | Fort Lauderdale | $345,934 | $25,796 |
| 10 | Weston | $358,432 | $25,747 |
| 11 | Miami Beach | $858,836 | $25,694 |
| 12 | Boca Raton | $375,739 | $25,110 |
| 13 | Miami Gardens | $199,626 | $24,523 |
| 14 | West Palm Beach | $261,297 | $24,169 |
| 15 | Sunrise | $206,057 | $24,141 |
| 16 | Miami | $295,218 | $24,010 |
| 17 | Lauderhill | $176,671 | $23,324 |
| 18 | Hollywood | $250,546 | $22,879 |
| 19 | Boynton Beach | $231,948 | $22,553 |
| 20 | Delray Beach | $301,374 | $22,208 |
| 21 | Tamarac | $191,256 | $22,170 |
| 22 | Hialeah | $220,528 | $22,068 |
| 23 | Doral | $327,176 | $21,958 |
| 24 | Pompano Beach | $238,269 | $21,239 |
| 25 | Deerfield Beach | $209,086 | $20,284 |
As you can see in the table above, the Miami-area city with the most non-mortgage debt on average is Miramar, and the city with the least is Deerfield Beach. Looking at mortgage specifically, the city that tops the chart (by far) is Miami Beach—with Lauderhill ranked last. Much of this isn’t surprising, especially if you’ve lived here awhile. For instance, you’d expect Miami Beach to carry a lot of mortgage debt: The city is becoming known for its billionaire residents, with the average price of luxury homes reaching $25 million.
So, if you’re trying to pay off debt, you’re certainly not alone. Miami residents, on average, have a little more debt to manage than other consumers in the U.S.
To find out more about your debt and keep your eye on your credit reports and scores, consider enrolling in Experian’s free credit monitoring tool so you can regularly log in to monitor your progress. You can also get a free copy of your credit reports and scores from Experian.
