Chapin was born in New York City, New York, the son of Betty (née Steinway), a descendant of Henry E. Steinway (the founder of Steinway & Sons), and Schuyler Chapin, an author who was the General Manager of the Metropolitan Opera. He made his Broadway debut in Summer Brave in 1975.
In addition to his acting career, Chapin has worked in recent years as a sales consultant for Steinway & Sons Piano manufacturers. He and his father have returned to the familial business in recent years. Chapin's father was the Commissioner of Cultural Affairs of New York City for eight years under Mayor Rudolph Giuliani and has been a major force in the arts having acted as director of such important venues as the Metropolitan Opera, and The Lincoln Center for the Performing Arts.
Chapin has twin brothers who are a bit older, and an eldest brother Henry Chapin six years Miles' senior, who was featured in 1961 as the child narrator in the recording of Benjamin Britten's "The Young Person's Guide to the Orchestra," conducted by Leonard Bernstein. Henry Chapin is a cellist and a music educator in New York City.

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