ORLANDO, Fla. – One major Florida metro has now eclipsed New York City in terms of its cost of living, according to new data released by the Bureau of Economic Analysis.
In it’s latest Regional Price Parities report, the agency gave the Miami metro area — which includes cities like Ft. Lauderdale, West Palm Beach, Boca Raton and Hialeah — a score of 114.155.
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That eked out the New York metro area’s score of 112.563. A score of 100 represents the national average, meaning both regions still suffer a high cost of living.
The news comes after years of massive migration to the Sunshine State, with nearly 900,000 people moving to Florida in 2024 alone, per the U.S. Census Bureau. Over 50,000 of these people were from New York.
Meanwhile, a recent report by MovingPlace reveals that nearly 200,000 people left New York City between May 2024 and October 2025 — primarily lower-income earners (those who earn under $200,000 annually).
But the report also shows that many New York City residents have been moving to the Sunshine State in particular, with the Miami metro area being the No. 2 destination in the country.
WHAT DOES THE FUTURE LOOK LIKE FOR MIAMI?
In his latest forecast, UCF economist Sean Snaith said that South Florida real estate developers are placing their bets on Miami, with several major projects developing in the city’s financial core.
This includes the fully approved Citadel tower, which is set to become the tallest office building in the region.
“Developers said investment is concentrating in areas immediately surrounding the urban core — including Brickell, Downtown, and Edgewater — where proximity to commercial districts, walkability, and new infrastructure are driving continued construction activity," he writes.
The report further highlights the MSC Group’s $100 million Miami headquarters, which is expected to create up to 1,500 additional jobs over the next few years.
In all, over $1 billion has been attracted in new capital investment from over 100 companies pushing into the county, bringing in thousands of jobs and generating millions in annual county tax revenue.
So while the cost of living may be going up, it appears as though the area is expected to keep growing thanks to big building projects and new companies, with unemployment staying low, though further job growth may be slow.