New York vs Miami
New York, NY · Miami, FL
Miami is 30% cheaper than New York overall.
Home Price
New: $750,000
Miami: $620,000
Monthly Rent
New: $3,600/mo
Miami: $1,951/mo
COL Index
New: 187
Miami: 131
Median Income
New: $76,607
Miami: $65,000
Side-by-Side Comparison
Median Home Price
Monthly Rent (Median)
Median Household Income
Property Tax Rate
Cost of Living Index
100 = national average
Avg. Commute
Unemployment Rate
Median Age
What This Means For You
Buying Power
A $100,000 salary in New York has the same purchasing power as $70,053 in Miami — based on each city's cost of living index.
Housing
Homes in Miami cost 17% more (-$130,000 extra). Expect a larger mortgage and down payment.
Renting
Renting in Miami saves you $1,649/month — $19,788 per year. Median rent: $3,600/mo in New York vs $1,951/mo in Miami.
Property Taxes
On a median-priced home, New York owners pay roughly $12,750/year in property taxes vs $5,642/year in Miami. That's a $7,108 annual difference.
Local Earnings
Median household income is $76,607 in New York and $65,000 in Miami. Miami residents earn 15% more — but remember to factor in cost of living.
Daily Commute
Average commute is 36 minutes in New York vs 30 minutes in Miami. Over a year, that's 3000 extra minutes (50 hours) of commuting in New York.
Salary Equivalence
To maintain the same lifestyle when moving from New York to Miami, here's the salary you'd need:
| Salary in New York | Equivalent in Miami | Difference |
|---|---|---|
| $50,000 | $35,027 | -$14,973 |
| $75,000 | $52,540 | -$22,460 |
| $100,000 | $70,053 | -$29,947 |
| $150,000 | $105,080 | -$44,920 |
| $200,000 | $140,107 | -$59,893 |
* Calculated using cost of living indices (national average = 100). Does not account for state income tax differences.
Run the Numbers
Mortgage Calculator
See monthly payments for homes in either city
Rent vs Buy
Is it cheaper to rent or buy in these markets?
Cost of Living
Full cost of living comparison tool
Home Appreciation
Project future home value growth
Affordability Calculator
How much home can you afford?
Property Tax Calculator
Estimate taxes in New York or Miami
New York Calculators
Miami Calculators
Related Comparisons
New York vs Miami: Common Questions
Is New York or Miami cheaper to live in?
Based on cost of living indices, Miami is cheaper overall. New York has a COL index of 187 while Miami scores 131 (national average = 100).
How do home prices compare between New York and Miami?
The median home price in New York is $750,000 vs $620,000 in Miami — a difference of $130,000 (17%).
What salary do I need in Miami to match my New York income?
Use the salary equivalence table above. For example, a $100K salary in New York is equivalent to $70,053 in Miami in terms of purchasing power.
Which city has lower property taxes?
Miami has a lower property tax rate (0.91% vs 1.7%). On a median-priced home, that means paying $5,642/year vs $12,750/year.
Cost of living data sourced from Council for Community and Economic Research (C2ER) Cost of Living Index, U.S. Census Bureau American Community Survey, and Zillow Research. Tax rates from Tax Foundation and state revenue agencies. Last updated: March 2025.