Here’s a sentence you’d have a hard time believing in 2020: Miami’s cost of living has surpassed New York City’s.
That’s according to data from the Bureau of Economic Analysis. In 2024, the Magic City became more expensive to live in than the Big Apple. (I realize we’re in 2026, but that’s the most recent data available. Deal with it.)
It’s not the type of victory Miamians are celebrating. Rising costs have slowed the Miami migration, posing a challenge for the city’s growth prospects , writes BI’s Alcynna Lloyd, Jordan Pandy, and Madison Hoff.
The city is drawing one type of resident, but they’re a lot less worried about affordability…
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