Reinvention
Florida Is Not So Cheap Compared With New York These Days
Surge in Sunbelt real estate prices erodes financial benefits for those attempting to relocate away from Manhattan.
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Higher housing costs are cutting into the savings of people who leave New York for Florida and Texas.
Those earning at least $100,000 a year can still see significant savings when relocating to states with no income tax. But as more people make the move — fueling higher rent and home prices — the arbitrage on moving to Miami, Austin and Dallas has eroded since 2019, according to data analyzed by SmartAsset, a financial information provider.