High-income individuals from the borough of Manhattan in New York City can save nearly $200,000 annually by moving to Miami, Florida, a recent study has found.
A June 8 study by financial information provider SmartAsset looked at the cost of living and tax rates in New York City, Chicago, and San Francisco to determine how much money can be saved by moving to Miami. It looked at individuals earning between $150,000 and $650,000 annually. “Between cost-of-living differences and taxes, someone making $650,000 in Manhattan can save $195,000 in Miami,” the study said.
“The cost-of-living difference between Manhattan and Miami is most drastic. Costs are 137.6 percent higher than the U.S. average in Manhattan, while they’re 22.8 percent higher than the average in Miami.”…