Overview
- A Bloomberg analysis of U.S. Bureau of Economic Analysis regional price data published Monday found the Miami–Fort Lauderdale–West Palm Beach metro’s all‑items RPP at 114.155 versus New York’s 112.563, marking the first time Miami edged ahead.
- BEA data and other government series show housing is the chief driver: total housing costs in the Miami metro are about 5% higher than in the New York metro when insurance, taxes and maintenance are included.
- Homeowners in Florida face the nation’s steepest insurance bills — an average annual premium near $8,300 reported by Insurify — while Attom data show Miami‑area property taxes have risen roughly 62% since 2019.
- Local wages have not kept pace: typical household income in the Miami region sits about $1,000 below the national median, leaving many middle‑ and lower‑income residents squeezed by rising rents and everyday prices that climbed about 36% since 2019.
- The change caps a pandemic‑era shift of buyers and wealth to South Florida that sent home prices up roughly 79% and widened a split between ultra‑wealthy buyers who can absorb costs and long‑time residents who cannot, and it has spurred a proposed 2026 ballot amendment to expand homestead exemptions that would phase in tax relief starting in 2027 if voters approve it.