Property taxes across the Miami area have surged 62% since the pandemic
For the first time on record, the Miami metropolitan area now costs more to live in than greater New York, Bloomberg reported this week, citing its analysis of 2024 data from the US Bureau of Economic Analysis.
Residents have seen consumer prices rise 36% since 2019, one of the largest increases nationwide and second only to Tampa, Florida.
The COVID-19 pandemic and Miami’s lack of a personal state income tax have driven several tech bros and billionaires, including Jeff Bezos, Mark Zuckerberg, Sergey Brin, Larry Page, and Ken Griffin, to relocate there in the past few years.
The influx has fueled a 79% jump in Miami home prices, according to the S&P CoreLogic Case-Shiller Index.
The Sunshine State still trails New York in price per square foot, but the average total cost of housing has climbed to 5% above that of the tri-state area, including parts of Connecticut and New Jersey.
Insurance and food prices have also jumped since the pandemic.
Florida homeowners face the nation’s highest annual insurance premiums, averaging $8,292 last year, per Insurify. It is roughly four times New York rates.
Meanwhile, property taxes across the Miami area have surged 62% since the pandemic, according to Attom data.
Even dining out is pinching the wallet, with the average Miami restaurant check hitting $94 in 2025 compared to $79 in New York.
Adding to the financial squeeze, typical household income in Miami sits about $1,000 below the national median, with local salaries heavily trailing northern peers.