A recent study by financial information provider SmartAsset has found that high-earning residents of New York City could save nearly $200,000 by leaving the city’s expensive taxes and rents behind and moving to Miami’s sunny beaches. According to the study, Manhattan residents earning $650,000 a year could save $195,000 due to Florida’s lack of state income tax and lower cost of living. With an effective tax rate of 45% in New York, compared to 35% in Miami, even those earning $150,000 could save close to $50,000 by making the move. The cost of living in Miami is only 22.8% above the national average, compared to Manhattan’s 137.6%, making it a financially attractive option for many. San Francisco residents earning $650,000 could potentially pocket an extra $153,000 in Miami, while those in Chicago may only save $10,000. This study highlights the significant savings that can be achieved through a strategic relocation, in particular, owing to the lack of state income tax in Florida.
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