CITY COMPARISON
NYC vs Miami Cost of Living: Which Is Cheaper in 2026?
Data updated May 2026. Rent from Zillow ZORI, taxes from the Tax Foundation, cost-of-living index from BEA.
New York to Miami is the headline finance-industry migration of the last few years. The reason is taxes. New York stacks a state and city income tax on top of federal. Florida has no state income tax at all.
Miami is not the bargain it once was. Rent has climbed hard and now sits near big-city levels. The cost of living is still below New York's, but the housing gap is narrower than people expect.
Is NYC or Miami cheaper to live in?
At a $100,000 salary, moving from NYC to Miami frees up roughly $24,100 a year in disposable income. At $150,000 the gap widens to about $27,500 a year in Miami's favor.
Miami wins for high earners, mostly on the tax side. No Florida income tax is a large, permanent raise on a big salary. The edge shrinks at moderate incomes because Miami rent has risen close to New York territory.
DISPOSABLE INCOME: MOVING NYC → MIAMI
AT A $100,000 SALARY
in Miami's favor
AT A $150,000 SALARY
in Miami's favor
Assumes the same gross salary in both cities (the remote-work case) and a single filer renting at the local median. Positive means Miami leaves more money after tax, housing, and everyday costs.
Full cost breakdown: NYC vs Miami
Here is where every dollar goes in each city, at two salary levels. Taxes, housing, and everyday costs are all in.
AT A $100,000 SALARY
| Line item | NYC | Miami |
|---|---|---|
| Gross salary | $100,000 | $100,000 |
| Federal income tax | -$15,000 | -$15,000 |
| State income tax (6.85%) Miami: (0%) | -$6,850 | -$0 |
| FICA (Social Security + Medicare) | -$7,650 | -$7,650 |
| Housing (median rent) ($2,660/mo) Miami: ($2,090/mo) | -$31,920 | -$25,080 |
| Other living costs (COL index 187) Miami: (COL index 124) | -$43,050 | -$33,600 |
| Sales tax on spending (8.53%) Miami: (7%) | -$2,571 | -$1,646 |
| Disposable income / year | -$7,041 | $17,024 |
AT A $150,000 SALARY
| Line item | NYC | Miami |
|---|---|---|
| Gross salary | $150,000 | $150,000 |
| Federal income tax | -$27,000 | -$27,000 |
| State income tax (6.85%) Miami: (0%) | -$10,275 | -$0 |
| FICA (Social Security + Medicare) | -$11,475 | -$11,475 |
| Housing (median rent) ($2,660/mo) Miami: ($2,090/mo) | -$31,920 | -$25,080 |
| Other living costs (COL index 187) Miami: (COL index 124) | -$43,050 | -$33,600 |
| Sales tax on spending (8.53%) Miami: (7%) | -$2,571 | -$1,646 |
| Disposable income / year | $23,709 | $51,199 |
NYC vs Miami: taxes, rent, and schools at a glance
| Metric | NYC | Miami |
|---|---|---|
| State income tax | 6.85% | None |
| Median 1-bedroom rent | $2,660/mo | $2,090/mo |
| Combined sales tax | 8.53% | 7% |
| Cost-of-living index (US avg = 100) | 187 | 124 |
| School composite rating (1-10) | 6/10 | 5/10 |
Who should pick NYC?
Stay in New York if your housing is rent-stabilized or already locked in below market, since that erases much of Miami's advantage. It also stays if your career network genuinely cannot move.
Who should pick Miami?
Choose Miami if you earn enough that a zero percent state income tax is a serious number, and you are renting at market rate either way. The higher your income, the more lopsided this gets in Miami's favor.
How we calculated this
Disposable income is gross salary minus federal income tax, state income tax, FICA, housing, everyday non-housing costs, and sales tax on discretionary spending. Federal tax uses 2026 effective rates after the standard deduction for a single filer. State income tax is a single-bracket approximation for mid-six-figure earners. Housing is the median 1-bedroom rent. Non-housing costs scale with the BEA cost-of-living index. Sales tax is applied to roughly 70 percent of discretionary spending, since groceries and many services are reduced-rate or exempt in most states.
The numbers on this page assume the same gross salary in both cities. That is the remote-work scenario, and it is the cleanest way to isolate the cost-of-living difference. If a new job would rebase your salary by city, plug both real offers into the tool below.
Run your own NYC vs Miami numbers
The interactive Move-To-City tool lets you set different salaries for each city, enter your actual rent, switch filing status, and see the full FIRE-timeline impact of the move.
Open the Move-To-City tool →KEEP READING
Educational only, not financial advice. Cost-of-living estimates are modeled approximations from public data and will not match any individual budget exactly. Verify rent, tax, and salary figures for your own situation before making a move.