We’ve been writing about how the Tax Cut and Jobs acted signed by Trump in 2017, has made Miami an investment paradise for Tax Refugees (wealthy buyers investing in South Florida looking for a tax break). New York has been one of the best examples of high tax immigration to the sunshine state. As a consequence, Florida is now the 3rd most populous state in the country.
However, this is not the only reason why people are moving to Miami and why the population has almost doubled since 1990. It seems logical for hard-working New Yorkers to think about their retirement and do the math of how long would their money last with the incredibly expensive lifestyle of the Empire State city compared to Miami.
Let’s talk about the typical case. If you are an average worker in New York, you should reconsider your retirement plans (if you haven’t already). According to Zillow, the median home value in New York is $681,600. And if you think you could save yourself by renting, you need to know that the median rent list price for an apartment in New York is $2,817. This seems insane when knowing that the average sales price in Miami is $340,100 and for rent is $2,109. You could even find a luxury 2-bedroom condo at the Floridian condo for as low as $475,000 or a 3-bedroom condo at Icon Brickell condo for $595,000.
In case you have a car you’ll be shocked by knowing that New York has the most expensive long-term parking worldwide. According to Pakopedia report, the median parking cost in New York is $616 per month. Miami, on the other hand, has an inexpensive average cost of around $135 a month. Food is just another example. In average a new yorker spends $471/ person a month in groceries. The US average is $324, while in Miami the spent would be $362/ person a month.
According to the cost of living calculator of Smartasset, earning $79,478 in Miami would provide you the same standard of living than $110,000 in New York. This means that the cost difference regarding housing, food, and taxes in New York is 37% higher than in Miami. It is not hard to find an explanation of why a lot of new yorkers are finding their way in the Sunshine State of Florida.
The average lifestyle in New York has evidently been increasing over the years. Numbers simply don’t add up, and Miami seems even brighter every day. To be honest, what is there to think?