{"id":346500,"date":"2026-07-20T21:39:18","date_gmt":"2026-07-20T21:39:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/346500\/"},"modified":"2026-07-20T21:39:18","modified_gmt":"2026-07-20T21:39:18","slug":"its-officially-more-expensive-to-live-in-miami-than-new-york","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/346500\/","title":{"rendered":"It’s\u00a0Officially More Expensive to Live in Miami Than New York\u00a0"},"content":{"rendered":"

\n\tAs a wave of wealth has flocked to South Florida<\/a> over the last few years, Miami<\/a>\u2018s transformation has been impossible to miss. The demand has driven home prices to new heights, with the cost of everything else, from food to insurance, climbing along the way.\u00a0<\/p>\n

\n\tNew data now confirms what many residents of the Sunshine State have already been feeling in their pocketbooks. According to a new Bloomberg\u00a0report<\/a>, the Miami metropolitan area is now more expensive than the greater New York City<\/a> region for the first time on record, citing the latest data from the U.S. Bureau of Economic Analysis. The outlet also reports that South Florida<\/a>\u2018s consumer price index has climbed 36 percent since 2019\u2014one of the largest increases in the country, trailing only Tampa.<\/p>\n

\n\tHousing remains one of the biggest factors. While Miami buyers still get more square footage for their money than buyers in New York\u2014the median home price was $357 per square foot in June compared to $537 in the New York metro area, according to\u00a0Realtor.com<\/a>\u2014many buyers say the savings disappear once they factor in insurance, property taxes, and maintenance costs.<\/p>\n

\n\t\u201cIt\u2019s no longer just about the purchase price,\u201d Corcoran agent Michael Buttacavoli told Bloomberg. \u201cIt\u2019s about the total cost to own.\u201d<\/p>\n

\n\tRELATED: How Ultra-Wealthy Buyers Are Redrawing the Global Luxury Real Estate Map<\/a><\/p>\n

\t\t\t\t\t\t\"miami<\/p>\n

\t\t\t\t\tFor the first time, Miami\u2019s cost of living has surpassed New York\u2019s.<\/p>\n

\t\t\t\t\t\t\t\t\tC. Taylor Crothers\/Getty Images<\/p>\n

\n\tFlorida homeowners pay the highest\u00a0insurance premiums<\/a>\u00a0in the country. According to Bloomberg, citing Insurify, the average annual premium reached $8,292 last year, roughly four times what homeowners in New York pay, and costs are expected to keep climbing. Property taxes have also surged. Data from Attom shows property taxes in the Miami area have jumped 62 percent since 2019, more than double the national average.<\/p>\n

\n\tRELATED: Luxury Buyers Are Driving Home Prices to Record Highs<\/a><\/p>\n

\n\tOther everyday expenses are rising too. Bloomberg reports private school tuition, restaurant bills, and insurance costs have all increased over the past year. Meanwhile, salaries haven\u2019t kept pace. According to U.S. Census Bureau data, the typical household income in the Miami metro area is about $1,000 below the national median, and professionals also often earn less than their counterparts in New York. Bloomberg reports that the average lawyer in the New York metro earned roughly $51,000 more last year than in Miami.<\/p>\n

\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\tExtraordinary Waterfront Estate on Long Lake, Maine\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\tPrice Upon Request\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t\t\tBridgton, ME\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$3,295,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\tThe Pinnacle of Lake Sherwood Living\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\tLake Sherwood, CA\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$19,900,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"default\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\t1084 Wade Pasture Road | Luxury No Reserve Auction\t\t\t\t\t\t\t\t\t\t<\/p>\n

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\t\t\t\t\t\t\t\t\t\t\tWaterfall Villa \u2013 The Ultra-Luxury Residence of Kamala in Phuket, Thailand\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\tKamala, Thailand\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t$13,900,000 USD\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\t\t<\/a><\/p>\n

\n\tEven as it becomes less affordable for middle and lower incomes, South Florida continues to attract the ultra-wealthy. Billionaires including\u00a0Mark Zuckerberg<\/a>, Larry Page,\u00a0Sergey Brin<\/a>, Howard Schultz, and Citadel founder\u00a0Ken Griffin<\/a>\u00a0have all expanded their presence in the region in recent years, in some cases spending hundreds of millions of dollars to amass contiguous properties. According to real estate<\/a> agents interviewed by Bloomberg, the result is an increasingly divided market<\/a>: affluent buyers continue to compete for trophy homes, while some professionals who once viewed Miami as a lower-cost alternative to New York are reconsidering whether its soaring housing and lifestyle costs still make sense.<\/p>\n

\tAuthors<\/p>\n

\t\t\t\"Abby<\/p>\n

\n\t\tAbby Montanez\n\t\t\t<\/p>\n

Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, entertainment, dining, travel to\u2026<\/p>\n

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\n\t\t\t\tRead More\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"As a wave of wealth has flocked to South Florida over the last few years, Miami\u2018s transformation has…\n","protected":false},"author":2,"featured_media":346501,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[28,40672,8533,123,125,124,14592,115,480,807],"class_list":["post-346500","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-florida","tag-mark-zuckerberg","tag-market","tag-miami","tag-miami-headlines","tag-miami-news","tag-new-york-city","tag-news","tag-real-estate","tag-south-florida"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/346500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=346500"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/346500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/346501"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=346500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=346500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=346500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}