In 2021, at age 58, I followed one of the hottest relocation trends in the US: I moved from New York to Florida.
I’d accepted a new job in Miami that I intended to be my last, and wanted to see what it would be like to retire in Florida. I was drawn by Miami’s warm winters, lower taxes, and supposedly cheaper living, but I also loved New York, so I was torn about where I’d have a better retirement.
Now that I’m here, I love Miami’s glorious weather and cultural diversity, but I’ve only found modest benefits from Florida’s lower taxes and living costs when compared to my life in New York.
Miami hasn’t met all my expectations, but it surprised me in one very important way, and I’m glad I moved here.
Housing costs were dramatically cheaper in Miami, but they’re on the rise
During my first few weeks in Miami, I was lured in by the bike rides I could take through lush parks and along glistening blue waters. In the neighborhood of Brickell, I could enjoy a pedestrian lifestyle similar to Manhattan’s. By my sixth month, I was ready to commit to living here permanently, so I called a realtor.
I bought a two-bedroom condo in cash for $727,500, using the money from the $1.65 million sale of my two-bedroom Manhattan condo in 2019. With no mortgage, my monthly expenses fell significantly. I suddenly realized I could afford to retire years earlier than I expected, relying on my savings, so I left full-time work in 2022 at age 60.
I was lucky because I took Manhattan money with me to Miami, after nearly 40 years of working in the financial services industry. For other Americans moving from lower-income areas, the “Miami dream” may not be as affordable. House prices in Florida aren’t what they used to be: evidence shows Miami condos cost over twice as much as they did 10 years ago.
Lower taxes and living costs didn’t make as much difference as I expected
When I received my first paycheck in Florida, I rejoiced because there’s no personal state income tax here. New York State and City taxes cost me nearly $40,000 some years.
Now that I no longer have an income from a job, I’m not benefiting in the same way. Lower taxes initially drew me to Miami, but I hadn’t properly considered that this factor would lose significance when my income fell in retirement.
I also assumed everything would be more expensive in NYC than Miami, but I’ve been struck by how comparable many costs are. I still buy clothes from online retailers and household goods from Amazon, meaning the prices don’t fluctuate significantly based on where I am.
My weekly grocery bill is perhaps a little cheaper in Miami, but some things were unexpectedly cheaper in New York, most notably transportation, as the subway system beats having to own a car or pay for Ubers to get around parts of Miami.
Miami has great weather, but it can’t beat New York’s cultural abundance
I absolutely love the Florida weather. I grew up with four-month winters in Minnesota, and during my first year in Miami, I’d brag to friends up north that I now wear shorts 360 out of 365 days. I worried that the summer heat would get oppressive, but it actually hasn’t been that bad. I wake up at dawn to exercise, avoid the midday sun, and reappear outdoors in the cooler evenings.
I like that Miami has a diverse population and is a major hub for Latin American and Caribbean cultures. However, I sometimes miss the broader global culture in New York, where I could effortlessly eat great Thai food just blocks from home, take in an African art exhibit at the Met, or attend a European film festival. Miami can be proud of its restaurant and cultural scene, but almost no city can compare to New York’s abundance.
I was shocked housing in Miami was so much cheaper than New York
Though I came to Miami expecting to make significant tax savings and benefit from lower day-to-day expenses, I’ve found that my retirement living costs are pretty similar to what they would’ve been in New York.
The biggest benefit, however, was unexpected. I was shocked to learn that Miami housing could be so much cheaper than New York. I bought a comparable condo for less than half the cost of my Manhattan home, which eliminated my need for a mortgage and enabled me to retire early. For that, I’m extremely grateful to Miami.
Retiring early means I’m young enough to fully enjoy my golden years. I bask in the Miami sunshine on walks and bike rides, travel extensively to other countries, and have time to pursue all sorts of hobbies, from improv classes to museum trips.
One of the most enduring myths about Florida’s history is that European explorer Ponce de León came here in search of the fountain of youth in the 1500s. I’d like to think I’ve found my own fountain of youth by retiring early in Miami — something that means more to me than a lower tax rate.
Do you have a story to share about moving to Miami? Contact the editor, Charissa Cheong, at ccheong@businessinsider.com
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