South Florida has seen a rapid rise in the cost of living, with transplants saying the gap between Miami and New York City has narrowed dramatically as housing, restaurants and everyday expenses continue climbing.
The Miami metropolitan area’s cost of living is now second only to the San Francisco Bay area, having surpassed the now third-place New York metro area for the first time ever, according to the US Bureau of Economic Analysis’ latest Regional Price Parities report, which compared 2024 data.
The RPP report gave the Miami-Fort Lauderdale-West Palm Beach metro area a score of 114.155, compared with 112.563 for the New York-Newark-Jersey City metro area, meaning prices in both regions were well above the national average of 100 — but Miami edged ahead for the first time.
The shift follows a dramatic run-up in prices across south Florida. Miami’s private-school tuition, insurance costs and even restaurant spending are al higher than they were a year ago.
