Cost of Living: New York, NY vs Miami, FL (2026)

New York

New York
166
VS

Miami

Florida
129

New York is 37% more expensive than Miami.

$1,779/mo ↑ 7%
Median Rent
$1,657/mo ↓ 7%
$79,713/yr ↑ 34%
Median Income
$59,390/yr ↓ 25%
$751,700 ↑ 58%
Home Value
$475,200 ↓ 37%
$1,837/mo ↑ 10%
Owner Costs
$1,666/mo ↓ 9%
8,516,202
Population
446,663

Tax Comparison

10.9%
Income Tax
0%
4.0%
Sales Tax
6.0%
1.62%
Property Tax
0.86%

Affordability

26.8%
rent-to-income
Affordability
33.5%
rent-to-income

Detailed Comparison

When comparing New York, NY and Miami, FL, the overall cost of living indices are 166 and 129 respectively (national median = 100). Rent is $122/month cheaper in Miami, saving renters about $1,464/year.

Median household income is $20,323/year higher in New York. Home values also differ significantly — the median in New York is $751,700 compared to $475,200 in Miami.

Florida has no state income tax, giving Miami residents a significant tax advantage over New York's 10.9% rate.

Frequently Asked Questions

New York vs Miami — common questions

Is New York or Miami cheaper to live in?
Based on our cost index, Miami is cheaper to live in with an index of 129 compared to 166 (US average = 100).
What is the rent difference between New York and Miami?
Median rent in New York is $1,779/month and in Miami it's $1,657/month — a difference of $122/month.
Which city has higher income, New York or Miami?
Median household income is $79,713 in New York and $59,390 in Miami. Median household income is $20,323/year higher in New York.
How do taxes compare between New York and Florida?
New York has 10.9% income tax, 4.0% sales tax, and 1.62% property tax. Florida has 0% income tax, 6.0% sales tax, and 0.86% property tax.
Should I move to New York or Miami?
It depends on your priorities. New York has a cost index of 166 with median rent of $1,779/mo, while Miami has a cost index of 129 with rent of $1,657/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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