Housing Cost Savings Between Florida and New York City Narrowing

The cost savings benefits for people moving from New York City to some Florida and Texas cities have grown less attractive over the last few years, due in part to the volume of migrations that rose during the pandemic fueling higher rent and home prices.  Although “those earning at least $100,000 a year can still see significant savings when relocating to states with no income tax, compared to 2019, savings in a move to Dallas or Austin were about 20% or 25% less, and about 30% less in a move to Miami, based on analyzed data with the changes in purchasing power from 2019 to 2023 adjusted for inflation in 2023 dollars. Although Manhattan continues to be ranked as the most expensive place to live in the U.S., higher inflation in Miami, Dallas and Austin means costs in those popular destinations are catching up according to tax data from the Internal Revenue Service and the cost-of-living index from the Council for community and Economic Research analyzed by financial information provider SmartAsset.

Source:    https://www.crainsnewyork.com/economy/housing-costs-shrink-savings-new-yorkers-moving-florida-texas