High-income workers across the United States immigrated to Miami to take advantage of the city’s generous tax policies and moderate cost of living. But depending on what parts of the country you’re from, moving to Magic City might not make financial sense.
This is the main discovery file Stady From the financial technology company SmartAsset. According to the study, New York City workers with annual incomes of $650,000 could save nearly $200,000 annually by moving to Miami, where the cost of living is approximately 115% lower than that of the Big Apple.
Equally affluent San Franciscans would experience a 60% reduction in the cost of living in Miami and save just over $150,000 per year. By contrast, Chicagoans at this salary level will find Miami’s cost of living is only 6% lower and you’ll only save $10,500 by heading south.
SmartAsset used federal, state, and local tax and cost-of-living data to calculate how much individual taxpayers from New York, San Francisco, and Chicago who earn between $150,000 and $650,000 a year could save by settling in Miami. The researchers also factored in housing expenditures using data from each city’s downtown area.
The study shows savings increase as workers earn more, with higher earners getting the most benefit for their money. However, people earning $150,000 can keep more of their paycheck by settling in Miami, with savings ranging from about $1,900 to $48,000, depending on which city they move from.
The study showed that savings across income levels were consistently higher for New Yorkers than for residents of other cities. That’s because New York’s cost of living is the highest among the cities for which smart assets were analyzed, at 137% above the national average. The cost of living in Miami is 23% higher than the national average.
Not just snowbirds
With New York’s cost of living so high, it should come as no surprise that many city dwellers are craving greener pastures.
according to search activity data From the real estate listing site Realtor.comMany potential homebuyers and renters living in New York are looking for real estate in Florida. Seven of the ten counties most searched by New York-based users on the site were in Florida, and all of them were outside New York state.
According to Realtor.com, New Yorkers are also responsible for 23% of housing searches in Miami-Dade County. data.
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