Relocating from New York to Miami
Moving from New York to Miami – Tips and Interesting Facts
Are you thinking of relocating you and your family from New York to Miami? Then you are not the only one. Many New Yorkers are flocking into Miami as our lovely city offers quite some advantages over New York City. Below we discuss the benefits of moving to Miami and some useful tips before moving here.
Equal Lifestyle, Lower Costs of Living
Just like New York, Miami is an exciting city that never sleeps and belongs to the world’s top 10 luxury markets. But unlike New York, Miami’s costs of living is fairly low for being one of the most important markets for HNWI’s. Real Estate in New York is about twice as expensive as in Miami. The average prices per SF for a luxury property in NYC is $1,860, while Miami’s average price is $750.
Miami now offers many ultra high-end luxury condos that cater to the most distinguished buyers. These luxury condos are mansions in the sky with 5 star amenities and superb (ocean) views. For those moving from NYC to Miami with a family, our city offers luxurious single family homes often located in waterfront and gated communities that are less than a 15 minutes drive from Miami International Airport and Miami’s main business and finance centers. For the price of a NYC 2 bedroom apartment you can have a luxurious home in Miami that allows you to be everywhere within half an hour; your job, the airport or the Beach.
Average Luxury Home Prices (Per Square Foot) $1 million-plus-home sales, 2015
Relocating to Miami from NYC also provides for major tax breaks
Florida is among the US’ top 10 best business tax climates. Miami does not have any: capital gain taxes, state income taxes, or estate taxes. This means that working and owning real estate in Miami offers you with a relatively higher return on investment than NYC. These tax advantages are one of the main reasons why New Yorkers move south.
Let put this in an example:
A hedge fund manager reporting $1M in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.
In Miami Today News one of the City’s brokers (Mr Morr) is quoted saying: “If you earned $1 million in New York and paid 12% combined state and city income taxes, that’s $120,000. If you’re able to homestead in Miami and not pay those taxes, that would buy you a $1.5 million house. How? The cost of finance a $1.5 million house with taxes, insurance and mortgages is about $10,000 per month or $120,000 a year“. The above equals a free house, you could live in a Miami $1.5M house with the money you saved by leaving New York.
Miami is now a World Class City
Miami has been known as a touristic city that offered just beaches and nightlife. Today, Miami is a world class city with something to offer to everyone. From a thriving business center and being the second largest financial hub in the USA, to an ever increasing Arts and Culture Scene. For more information please refer to the Moving to Miami Guide, Section: “Is moving to Miami a good idea?”.
Moving to Miami, a more relaxed lifestyle under the sun
Besides all the above mentioned aspects, Miami also offers a more relaxed lifestyle. The way of life is easy going and people are not always in a rush. Miami rarely experiences heavy traffic leading to a very limited commute time and an easier start and end of your working day. Miami equals less stress and more time to enjoy and to spend with family and / or friends on the boat, the beach or any other form of entertainment you might prefer.