Miami is also one of the least affordable places to live, with 69% of its residents spending at least 30% of their household income on home ownership. Miami ranks first among least affordable cities for home ownership.

As of the census of 2000, there were 362,470 people, 134,198 households, and 83,336 families residing in Miami. The population density was 3,923.5/km² (10,160.9/mi²), making Miami one of the more densely populated cities in the country. There were 148,388 housing units at an average density of 1,606.2/km² (4,159.7/mi²). The racial makeup of the city was 66.62% White, 22.31% African American, 0.22% Native American, 0.66% Asian, 0.04% Pacific Islander, 5.42% from other races, and 4.74% from two or more races. 65.76% of the population were Latino of any race. 11.83% of the population were non-Hispanic whites. The ethnic makeup of the city is 34.1% Cuban, 22.3% African American, 5.6% Nicaraguan, 5.0% Haitian, and 3.3% Honduran. In 2004, the United Nations Development Programme (UNDP) ranked Miami first in terms of percentage of residents born outside of the country it is located in (59%), followed by Toronto (43%).

There were 134,198 households out of which 26.3% had children under the age of 18 living with them, 36.6% were married couples living together, 18.7% have a female head of household with no husband present, and 37.9% were non-families. 30.4% of all households were made up of individuals and 12.5% had someone living alone who was 65 years of age or older. The average household size was 2.61 and the average family size was 3.25.

In the city the population was spread out with 21.7% under the age of 18, 8.8% from 18 to 24, 30.3% from 25 to 44, 22.1% from 45 to 64, and 17.0% who were 65 years of age or older. The median age was 38 years. For every 100 females there were 98.9 males. For every 100 females age 18 and over, there were 97.3 males.

The median income for a household in the city was $23,483, and the median income for a family was $27,225. Males had a median income of $24,090 versus $20,115 for females. The per capita income for the city was $15,128. About 23.5% of families and 28.5% of the population were below the poverty line, including 38.2% of those under age 18 and 29.3% of those age 65 or over.

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