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Analysis: South Florida tops New York City in cost of living due to property taxes, insurance and inflation
Summary by The Miami Editorial Desk · Based on reporting by Kevin Boulandier , WSVN 7 News
· July 21, 2026
· 1 min read
A new analysis shows there’s a major change in rankings when it comes to the cost of living across the U.S. South Florida is now five percent more expensive than New York City’s metro area for the first time ever, according to an analysis by Bloomberg. The report cites increased property taxes, soar
Story provenance No corrections
Summary created by The Miami Editorial Desk — automated, rule-governed Original reporting Kevin Boulandier, WSVN 7 News Original story Read at the source Source published Jul 21, 2026 AI assistance Automated summary drawn from the source’s own published text Prepublication human review No — editorial rules, flagged-item review, and published samples
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Key takeaway Home prices have also jumped 79% since the COVID-19 pandemic.
Why this matters in The Miami
The shift in cost of living rankings between South Florida and New York City has significant implications for Miami-Dade County residents. With property taxes, insurance premiums, and inflation driving up costs, long-time residents of neighborhoods like Little Havana and Wynwood may find themselves struggling to afford their homes. The 79% jump in home prices since the COVID-19 pandemic has likely priced out many potential buyers, exacerbating the area's affordability crisis. The proposed constitutional amendment to remove non-school property taxes from mortgage statements could provide some relief, but its passage is far from certain. If approved, it could help mitigate the financial burden on homeowners, particularly in areas like Brickell and Miami Beach, where property values are high. As voters consider this amendment, they will need to weigh the potential benefits against the potential impact on local government revenue and services.
About this story
Original reporting by WSVN 7 News . The Miami surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit WSVN 7 News . Have a tip or correction? Contact our newsroom .
Category: arts ·
Published: July 21, 2026 ·
Source: WSVN 7 News ·
Reading time: 1 min
Frequently asked about this story
What is this story about? A new analysis shows there’s a major change in rankings when it comes to the cost of living across the U.S. South Florida is now five percent more expensive than New York City’s metro area for the first time ever, according to an analysis by Bloomberg. The report cites increased property taxes, soar
When was this published? This article was first published on July 21, 2026 by WSVN 7 News and curated for The Miami readers.
Who reported this story? This story was reported by Kevin Boulandier at WSVN 7 News. To learn more about how The Miami selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more arts coverage from The Miami, or browse our daily briefing and topic hubs .
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