Miami Leads the Nation in Wage Growth, Outpacing Inflation

Living in Miami isn’t cheap, but a new study shows workers in the Magic City have seen some of the strongest wage growth in the country.

According to work management experts Asana, Miami had the highest wage growth among large U.S. metro areas from 2020 to 2023 and was one of only three cities where pay raises outpaced inflation.

Analyzing Bureau of Labor Statistics data, the study found Miami’s wages grew by 20.2% during that period, surpassing the 19.1% inflation rate. In 2020, the median hourly wage was $18.60, rising to $22.36 in 2023—82 cents above the national average wage increase. After adjusting for inflation, Miami workers were earning 23 cents more per hour than in 2020 and $1.12 more than the national average.

Trailing Miami was California’s Inland Empire, where wages rose 19.7% from $19.05 to $22.81 per hour. Tampa followed, with a 19.2% increase, while Jacksonville ranked fourth at 18.7%, slightly below inflation.

In contrast, Washington, D.C., saw the weakest wage growth among large metros, with just a 7.6% increase—far below inflation.

Despite Miami’s rising cost of living, its strong wage growth has given workers a slight edge, making it one of the few places where paychecks are keeping up with expenses.