No, Miami isn’t more expensive than New York. But it may be less ‘affordable’

The Bureau of Economic Analysis (BEA) data indicates Miami's cost of living surpassed New York City's for the first time, but Manhattan's median real estate prices remain significantly higher. Affordability in Miami has declined due to rising costs for housing, transportation, insurance, and education, outpacing wage growth. New York City added more jobs than Miami in recent years, maintaining its economic edge despite slower percentage growth.