For the first time on record, Miami has surpassed New York City in terms of expense, as housing and daily costs in the Florida city have risen steadily. According to the U.S. Bureau of Economic Analysis’ latest Regional Price Parities report, Miami now ranks as the second most expensive metropolitan area in the United States, trailing only San Francisco.
The report, which utilizes 2024 data, gives Miami-Fort Lauderdale-West Palm Beach a score of 114.155, compared to New York-Newark-Jersey City’s 112.563. Both areas surpass the national average of 100, placing them second and fourth nationwide. San Francisco-Oakland-Fremont leads with a score of 115.613, while Los Angeles-Long Beach-Anaheim scores 113.566.
In specific categories, Miami residents spend less than New Yorkers on goods, with scores of 103.556 and 110.261, respectively, and utilities at 97.235 versus 127.018. However, they spend significantly more on housing, with a score of 155.551 compared to New York’s 148.616.
The rising costs affirm residents’ concerns about Miami’s affordability. Over half a million households in Miami-Dade, 56 percent of all households, live paycheck-to-paycheck, up 2 percent from last year. United Way names these families “ALICE,” representing asset-limited, income-constrained, employed individuals struggling to save.
United Way estimates a single adult in Miami-Dade needs at least $47,784 a year, while a household with an adult and a child requires nearly $65,000. A family with two adults and two young children needs $114,480. The county’s median household income stands at $76,184. An emergency, such as a medical bill hike, could leave these households without food on the table.
Many residents are leaving Miami due to the cost. A record 10,115 residents left Miami-Dade County between 2024 and 2025, marking a significant population decline. Miami’s population loss is part of a broader trend across Florida following the end of health restrictions.
Data from the Shimberg Center for Housing Studies shows migration to Florida decreased in 2025, with Miami-Dade leading state out-migration. The area’s domestic out-migration reached nearly 73,000 residents in 2025.
High-cost urban counties like Miami-Dade face domestic losses. International migration, previously balancing out domestic losses, fell dramatically due to federal immigration policies. Meanwhile, mid-priced counties like Polk and Pasco still see positive domestic migration.
Despite Miami’s high cost of living, wealthy individuals find it attractive. Luxury homes remain approximately $180 less per square foot compared to New York City, and Florida’s lack of state income tax makes it appealing. This economic logic attracts affluent northern migrants, potentially transforming Miami into a wealthy enclave.