Miami, FL – The Miami metropolitan area now has a higher cost of living than the New York City region, according to newly released federal data that reflects continued increases in housing and everyday expenses across South Florida.
The latest Regional Price Parities report from the U.S. Bureau of Economic Analysis ranked the Miami Fort Lauderdale West Palm Beach metropolitan area as the second most expensive metro area in the country, behind only the San Francisco Bay Area.
The report marks the first time the Miami region has ranked above the New York Newark Jersey City metropolitan area in overall living costs.
Federal data shows housing was the largest factor contributing to the increase.
The report found housing costs in the Miami metro area are approximately 5% higher than those in the New York City region.
The price comparison also includes goods and services such as groceries, transportation, healthcare and other household expenses.
The report comes after several years of rapid population growth in South Florida, which contributed to rising demand for housing.
According to the data, consumer prices in the Miami area have increased 36% since 2019, while home values have climbed 79% during the same period.
Higher insurance premiums, property taxes, restaurant prices and private school tuition have also contributed to rising household costs across the region.
The Bureau of Economic Analysis compiles the Regional Price Parities report to compare the cost of goods, services and housing across metropolitan areas throughout the United States.
The latest rankings indicate South Florida continues to experience some of the highest living costs in the nation despite a recent slowdown in migration to the region.