The Miami area’s cost of living surpassed that of New York, according to the most recent regional price comparison data available from the Bureau of Economic Analysis.
The report, which analyzes 2024 data, compares differences in “price levels across states and metropolitan areas” — though both regions had price levels above the national average, the Miami area beat New York in terms of overall expense.
Regional price parities, which the report uses to compare area price levels, have a national average set at 100. If an area’s RPP is 120, for instance, then price levels there are 20% higher than the U.S. average…