South Florida surpasses New York City as cost of living climbs to record levels

[DetroitMan]

South Florida surpasses New York City as cost of living climbs to record levels

For the first time, the Miami-West Palm Beach metropolitan area is more expensive to live in than New York City, according to a new regional price comparison from the Bureau of Economic Analysis.

The BEA’s latest Regional Price Parities report ranked the Miami-Fort Lauderdale-West Palm Beach metro area with a score of 114.155, slightly higher than the New York-Newark-Jersey City metro area’s 112.563. A score of 100 represents the national average. The shift comes as South Florida continues to attract new residents, businesses and wealthy investors — including many who relocated from New York following the COVID-19 pandemic.

A study from the Citizens Budget Commission found that between 2018 and 2022, roughly 150,000 New York residents moved to Florida, taking about $14 billion in income with them. The population boom has helped drive up housing costs across South Florida. While Florida does not have a state income tax, residents face some of the highest home insurance costs in the country, largely due to hurricane risk and rising storm-related losses.

https://cbs12.com/news/local/miami-metro...al-estate-rent-home-insurance-homeowners