Why Miami no longer pays off

Why Miami no longer pays off In 2021 and 2022, 92,000 people moved from New York to the state of Florida. One of the biggest draws of Miami was the financial arbitrage. The math was pretty simple. You could get more space for less. You could keep your salary and pay no income tax. And, you know generally the cost of living was a lot lower. But now, for the first time ever, the Miami metropolitan area is more expensive than New York. And that has transplants seriously reconsidering their move. To understand the shift, we have to go back and understand why people flocked to Miami in the first place. Historically, people moving from New York to Miami just got way more bang for their buck. Whether you're buying or renting, you could get more space for less, the cost of a night out was a lot cheaper, and the best incentive of all, Florida doesn't have the state income tax that New York does. But as people flocked to Wall Street South over the years, those economics changed. Since 2019, Miami's consumer price index has jumped 36%, which is more than any metropolitan area tracked by the US Bureau of Labor Statistics, with the exception of Tampa.