As a wave of wealth has flocked to South Florida over the last few years, Miami‘s transformation has been impossible to miss. The demand has driven home prices to new heights, with the cost of everything else, from food to insurance, climbing along the way.
New data now confirms what many residents of the Sunshine State have already been feeling in their pocketbooks. According to a new Bloomberg report, the Miami metropolitan area is now more expensive than the greater New York City region for the first time on record, citing the latest data from the U.S. Bureau of Economic Analysis. The outlet also reports that South Florida‘s consumer price index has climbed 36 percent since 2019—one of the largest increases in the country, trailing only Tampa.
Housing remains one of the biggest factors. While Miami buyers still get more square footage for their money than buyers in New York—the median home price was $357 per square foot in June compared to $537 in the New York metro area, according to Realtor.com—many buyers say the savings disappear once they factor in insurance, property taxes, and maintenance costs.
“It’s no longer just about the purchase price,” Corcoran agent Michael Buttacavoli told Bloomberg. “It’s about the total cost to own.”
