WEST PALM BEACH, Fla. — South Florida has surpassed New York City in cost of living, according to a new report from Bloomberg. The study said this is being driven by a sharp rise in the Consumer Price Index and soaring homeownership costs in recent years.
For decades, Florida attracted out-priced New Yorkers with no state income tax and a comparatively affordable lifestyle.
WATCH BELOW: South Florida is now more expensive than New York City
Now, cities like West Palm Beach are drawing Wall Street billionaires, leaving other residents facing the highest insurance costs in the country and a growing debate over a property tax revolt.
The Bloomberg study cited the U.S. Bureau of Economic Analysis' latest annual price-comparison report, which examined 2024 data.
The data took into account the metrics from Miami, Fort Lauderdale and West Palm Beach and cited a rise of 36% in the Consumer Price Index in the region since 2019. The report also looked at higher costs of goods, services, private education and housing as the primary reason for South Florida's cost of living moving ahead of New York City.
Residents who live in Palm Beach County say the financial pressure is real.
"I've lived here all my life, and I've seen it change; just the cost of living alone, groceries and family of four, it's quite expensive," William, a longtime South Florida resident, said Wednesday.
Others say the rising prices have already forced them to relocate.
"Just the cost down here, I couldn't afford West Palm Beach. I had to move out to Westlake, move 40 minutes west. ... South Florida is almost unattainable at this point," another local resident said.
Despite the rising costs, many residents still believe South Florida offers something New York City cannot — plenty of sunshine and warm, sandy beaches.
This fall, Florida voters will decide on a property tax reform referendum that would lower taxes for homesteaded properties but would also reduce revenues for cities and counties.
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