Parking In Miami No Bargain, U.S. Index Reveals

MIAMI, FL — Miami parking rates may be less expensive than in the Big Apple, but we still pay more to rent a 10-foot wide slice of Magic City asphalt by the day than most people pay anywhere else in the country. Only residents of New York City, Boston, Chicago and San Francisco pay more for the privilege of leaving vehicles outside of their offices while they catch up on the daily grind of memos, emails and phone calls.

A new report found that Miami ranked fifth in terms of the highest median daily parking rates paid in cities across America. Miamians pay $25 (tied with Philadelphians) while New Yorkers pay a whopping $42.25. The average daily cost in Boston is $34 while Chicagoans pay $30 and San Franciscans pay $28.

Bellevue and Seattle each had lower daily parking rates than Miami at $24 per day followed by Minneapolis at $23 and Charlotte at $21.

Click here to read the entire parking index released by Parkopedia. The index ranks parking rates in the central business districts of the top 40 U.S. cities. The rankings are divided by hourly, daily and monthly parking rates. New York City has the highest rates in all three categories.

Indeed, New York City has higher parking rates than every other major metropolitan area in the United States.

To create the index, Parkopedia used data from more than 650 parking facilities that cover more than 300,000 parking spaces. Parking prices were calculated as the median of corresponding parking rates for all publicly available off-street parking facilities in a city center.

According to the index, the median hourly parking rate in NYC’s city center is $27. By comparison, Chicago and Boston had median hourly parking rates in excess of $15.

The cities with the highest median hourly parking rates are:

1. New York City: $27
2. Chicago: $17
3. Boston: $16
4. Philadelphia: $12
5. Washington D.C.: $11
6. Minneapolis: $10
7. Los Angeles: $9.50
8. Cleveland: $9
9. Detroit: $9
10. Denver: $8

The median parking rate in New York City is a whopping $616 for unreserved monthly parking, meaning parking in a guaranteed but not a dedicated space. After New York City, Boston and San Francisco have the highest monthly parking rates for unreserved spots.

The cities with the most expensive median monthly parking rates for unreserved spots are:

1. New York City: $616
2. Boston: $425
3. San Francisco: $322.50
4. Seattle: $289
5. Philadelphia: $284.50
6. Washington D.C.: $274
7. Chicago: $265
8. Minneapolis: $260
9. Pittsburgh: $235
10. Bellevue: $222

Parkopedia did not rank New York City in the fourth category: median monthly reserved parking rates, which means parking in a guaranteed and dedicated space. In that category, Washington D.C. had the highest median monthly rates.

The cities with the highest median monthly rates for reserved spots are:

1. Washington D.C.: $555
2. Boston: $550
3. Chicago: $547
4. Los Angeles: $418
5. San Francisco: $410
6. Seattle: $400
7. Baltimore: $375
8. Philadelphia: $370
9. Pittsburgh: $355
10. Bellevue: $325

You can see the full report here.

Photo via Shutterstock