A recent study by SmartAsset has found that high-income earners across the US are flocking to Miami, drawn by the city’s lucrative tax incentives and moderate cost of living. However, depending on where you’re moving from, relocation to the Magic City may not be the financially sensible choice. SmartAsset utilized federal, state and local tax, and cost of living data to calculate how much single tax filers from three different locations—New York City, San Francisco, and Chicago—earning between $150,000 and $650,000 a year could save by settling in Miami. The study shows that workers in New York City earning $650,000 annually can save almost $200,000 per year by relocating to Miami, as the cost of living is approximately 115% lower compared to the Big Apple. Moreover, San Franciscans with the same income bracket could experience a 60% drop in cost of living in Miami and save just over $150,000 every year. On the contrary, Chicagoans at that salary level could witness the cost of living in Miami to be only 6% lower and would save a mere $10,500 by relocating down south. The study reveals that savings increase with the workers’ income, with higher earners getting the most value for their money. However, individuals earning $150,000 could still hold onto more of their income by settling in Miami, with savings ranging from approximately $1,900 to $48,000, depending on the city they are moving from. Savings across income levels were consistently higher for New York residents than for residents of other cities, as New York’s cost of living is 137% above the national average, which is the highest of all the cities SmartAsset analyzed. Conversely, Miami’s cost of living is just 23% higher than the national average. Realtor.com data shows that many prospective homebuyers and renters living in New York are searching for properties in Florida. Seven of the ten most-searched counties by New York-based users on the site were in Florida, and all were outside of New York state. Furthermore, New Yorkers are accountable for 23% of searches for housing in Miami-Dade county, according to Realtor.com data.
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