Why Miami is Still Booming

Ever since 2020 the Miami area real estate market has been on fire, mainly because people and businesses from out of state have been moving here in droves. As realtors we are always asked when this boom is going to abate and, while we have seen some slower times, such as the last quarter of 2022, it does not seem as though the market is going to drop off any time soon. In fact, a recent Business Insider post declared that "Someone making $150,000 in NYC can save nearly $50,000 by moving to Miami," which is clearly a driving factor in many out-of-towners' decision to rent or purchase a home in South Florida. The post goes on to say that "Those earning north of $150,000 per year could save anywhere from $2,000 to nearly $200,000 in a move from major metropolitan areas like New York City, Chicago, or San Francisco to Miami, a new study found. An analysis based on tax rates and average cost of living from finance website SmartAsset found that the biggest savings in terms of taxes often come from leaving a dense, expensive area like New York City to a city or state with more favorable tax rates." In addition to the tax rates, Miami’s cost of living is far less expensive than New York or San Francisco. Our cost of living is 23% higher than average, whereas New York is 137% and San Francisco is 83% higher than the average American’s, so the difference is astonishing!

With these savings in mind, it is no wonder that our real estate market is still so strong. Between these numbers, our incredible weather, beaches, restaurants, sports teams, and so much more, who wouldn’t want to move down to sunny South Florida?

If you are interested in reading the full Business Insider article, click here. It is pretty amazing!