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Miami Now More Expensive than New York for First Time
Bloomberg says Miami’s cost of living has overtaken New York’s as housing, insurance and other expenses keep rising, with property taxes up 62% since 2019.
- According to a Bloomberg report citing U.S. Bureau of Economic Analysis data, Miami's cost of living has surpassed the greater New York City region for the first time on record, driven by soaring housing and insurance costs.
- Rising ownership costs exacerbate financial strain, with property taxes jumping 62% since 2019, according to Attom. Insurify data shows average annual home insurance premiums reached $8,292 last year, roughly four times what homeowners in New York pay.
- Census Bureau data reveals a widening wage gap, as typical Miami household income sits about $1,000 below the national median. Lawyers in the New York metro earned roughly $51,000 more last year than their counterparts in Miami.
- While the region remains less affordable for average residents, it continues attracting ultra-wealthy buyers. Billionaires including Mark Zuckerberg, Larry Page, Sergey Brin, Howard Schultz, and Citadel founder Ken Griffin have expanded their presence in South Florida.
- Despite Miami's median price per square foot of $357 being lower than New York's $537 according to Realtor data, Corcoran agent Michael Buttacavoli told Bloomberg that "it's no longer just about the purchase price." "It's about the total cost to own.
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Total News Sources21
Leaning Left4Leaning Right5Center6Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 27%
C 40%
R 33%
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