Miami Is More Expensive Than New York. Who Can Afford to Live There?
Summary
For the first time, Miami is more expensive to live in than New York City, mainly because housing costs in Miami have risen sharply. Many Miami residents are struggling to afford living expenses, with over half of the households living paycheck-to-paycheck and facing financial insecurity.Key Facts
- Miami’s overall cost of living score is 114.155, higher than New York City’s score of 112.563.
- San Francisco has the highest cost of living score at 115.613, followed by Miami and then New York City.
- Miami residents pay more for housing (155.551) than New Yorkers (148.616), although they spend less on goods and utilities.
- About 56% of Miami-Dade County households (563,947) live paycheck-to-paycheck.
- The “ALICE” group includes people working but with limited income who barely cover basic needs.
- A single adult in Miami-Dade needs about $47,784 yearly to meet basic costs; a family of four needs over $114,000.
- Median household income in Miami-Dade is $76,184, showing many households earn below what is needed to be financially secure.
- Residents are leaving Miami for cheaper cities due to rising costs and limited job opportunities.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
