Miami Overtakes New York on Living Costs as Billionaires Pour in With $170 Million Deals
Updated
Updated · Business Insider · Jul 26
Miami Overtakes New York on Living Costs as Billionaires Pour in With $170 Million Deals
3 articles · Updated · Business Insider · Jul 26
Summary
Bloomberg data show the Miami metro area has surpassed New York City to become the second-most expensive major US metro, trailing only the San Francisco Bay Area.
Since 2019, consumer prices, homeownership costs, tuition, goods and services have climbed sharply, while home-insurance premiums—the nation’s highest—rose with property values and severe-weather risk.
That cost surge has coincided with an influx of wealthy residents and companies, drawn by Florida tax advantages, lifestyle and a growing finance-tech-business hub.
Recent moves include Zuckerberg’s $170 million Indian Creek purchase, Larry Page’s roughly $188 million in Miami-area property, and Sergey Brin’s $51 million home buy.
Corporate relocations have reinforced the shift, with Citadel, Palantir, FC Barcelona’s North American office, Galderma, Playboy and MSC Cruises expanding or moving headquarters to Miami.