Is Miami, FL cheaper than New York, NY?

Based on cost of living data, Miami, FL is 26.8% cheaper than New York, NY. This translates to saving $2009 per month.

What salary do I need in Miami, FL to live like I do in New York, NY?

If you earn $150,000 in New York, NY, you'd need approximately $125,892.857 in Miami, FL to maintain the same standard of living.

How does housing cost compare between New York, NY and Miami, FL?

Housing in Miami, FL is 51.7% cheaper than in New York, NY. For a two-bedroom apartment, rent is $2,660/month in Miami, FL compared to $3,590/month in New York, NY.

How much can I save per month by moving from New York, NY to Miami, FL?

Moving from New York, NY to Miami, FL could save you approximately $2009 per month, or $24107 per year, based on a $150,000 salary.

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New York, NY

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Miami, FL

Cost of Living Comparison 2026

Current salary in New York, NY

Numbers update automatically as you type

You'd save $2.0K/month moving to Miami, FL

$150.0K in your current city equals $125.9K in Miami, FL

Rent data from HUD ZIP-level estimates · COL index from New York-Newark-Jersey City, NY-NJ-PA area

Overall Cost

↓ 26.8%

Less expensive

Monthly Impact

$2,009

Savings

Annual Impact

$24.1K

Per year

Based on monthly living costs (rent, groceries, utilities, transport, healthcare). Home purchase prices shown separately below.

New York, NY

Population:8337K

Cost Index:100

Median Home:$1.05M

Miami, FL

Population:442K

Cost Index:73

Median Home:$510K

New York, NY

The Empire State

8.3M

Population

State Tax

Yes

Climate

Humid subtropical

Notable Facts

•Most populous city in the US
•Major global financial center
•World-renowned cultural hub

Major Industries

FinanceReal EstateTechnologyMedia

Miami, FL

The Sunshine State

442K

Population

State Tax

No Income Tax

Climate

Tropical

Notable Facts

•Gateway to Latin America
•Major cruise port
•International business hub

Major Industries

International TradeTourismFinanceReal Estate

Cost Breakdown by Category

Annual spending: New York, NY vs Miami, FL

Category	New York, NY	Miami, FL	Difference	Change
🏠Housing	$7,648/mo	$3,690/mo	↓ $3,958less	51.7%
🚗Transportation	$1,602/mo	$1,462/mo	↓ $141less	8.8%
🏥Healthcare	$688/mo	$589/mo	↓ $99.13less	14.4%
🛒Groceries	$1,165/mo	$1,079/mo	↓ $85.94less	7.4%
⚡All Utilities	$600/mo	$519/mo	↓ $80.87less	13.5%
📦Other	$2,034/mo	$2,093/mo	↑ $58.59more	2.9%

🏠Housing

↓ 51.7%

New York, NY

$7,648

Miami, FL

$3,690

Difference

$3,958

less

🚗Transportation

↓ 8.8%

New York, NY

$1,602

Miami, FL

$1,462

Difference

$141

less

🏥Healthcare

↓ 14.4%

New York, NY

$688

Miami, FL

$589

Difference

$99.13

less

🛒Groceries

↓ 7.4%

New York, NY

$1,165

Miami, FL

$1,079

Difference

$85.94

less

⚡All Utilities

↓ 13.5%

New York, NY

$600

Miami, FL

$519

Difference

$80.87

less

📦Other

↑ 2.9%

New York, NY

$2,034

Miami, FL

$2,093

Difference

$58.59

🏛️ Local Income Taxes

New York, NY: NYC Income Tax$5,689/yr (3.8%)

Miami, FL has no local income tax.

Local taxes are in addition to state income tax. Not all cities levy local income taxes.

🏠Rent Comparison

Studio

From$3,120

To$1,995

↓ $1,125

1 Bed

From$3,270

To$2,180

↓ $1,090

2 Bed

From$3,590

To$2,660

↓ $930

3 Bed

From$4,500

To$3,415

↓ $1,085

New York, NYZIP-level data

1BR range: $2,260–$3,990/mo

Miami, FLZIP-level data

1BR range: $1,550–$2,990/mo

💡 Note: Rent prices are based on HUD Fair Market Rent data and represent median costs. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$13,737

Monthly in New York, NY

$9,431

Monthly in Miami, FL

$4,306

Difference

Home Values

New York

Miami

$1.05M

Median Value

$510K

↓ -0.1%

YoY Change

↓ -3.6%

↓ -5.9%

5-Year Change

↑ +49.4%

$471K - $3.49M

Price Range

$278K - $1.53M

Homes in Miami are 51% less expensive than New York

Calculate payment - New York Calculate payment - Miami

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings

↑ $9.5K

Per year

Monthly Difference

$795

More take-home

Effective Rate Diff

6.4%

Rate difference

New York, NY

Federal Income Tax

Effective: 18.9%

$25.5K

New York State Tax

Effective: 6.4%

$9.5K

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 31.0%

$46.6K

Take-Home Pay

$8,620/month

$103.4K

Miami, FL

Federal Income Tax

Effective: 18.9%

$25.5K

Florida State Tax

No state income tax

FICA Taxes

Social Security + Medicare

$11.5K

Total Taxes

Effective: 24.7%

$37.0K

Take-Home Pay

$9,416/month

$113.0K

Additional Tax Information

New York, NY Tax Rates

Sales Tax:8.8%

Property Tax:1.2%

Miami, FL Tax Rates

Sales Tax:7.2%

Property Tax:0.8%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.