The Cost Of Living in Miami Versus New York CityFebruary 5, 2013
Obviously when you’re looking at places to relocate either yourself or your entire family the cost of living is going to be an important factor. The financial reality for most people right now is that making every dollar count is the only way to keep your FICO score intact and to maintain your standard of living too. So how does Miami fare when it comes to the cost of living there and more importantly how does it compare to another major US city like New York?
The first area we need to look at are the property prices in each of these cities and include the cost of renting a property in each. Based on a buying a home in Miami with the exact same square footage as a home in New York you can expect to pay up to 52% less overall – a truly massive price difference. Even more shocking is that if you decide to rent instead of buying a home or apartment in Miami you can expect to save anything up to 73% in renting a property of the exact same size.
When it comes to other day-to-day things like eating out you’ll pay 40% less on average for each meal (when compared to NYC) and another huge perk is there is no personal state income tax to worry about either – which automatically puts more money in your pocket each week or month.
Getting around Miami is also cheaper and you can expect taxis, buses and trains to cost at least 11% less than their New York counterparts. Smoking is a bad habit but if it’s a habit you find hard to break a packet of smokes costs 50% less in Miami; we are obviously not encouraging anyone reading this to either start smoking or to keep smoking based on this fact.
Looking at the financial big picture of the difference in the cost of living between Miami and New York it comes down to the fact that what you can buy with $6,000 in NYC will only cost you around $4,500 in Miami. We find that basic math like that always makes a bigger impression on people – numbers talk!
Imagine being able to move city and actually save money as a result?