As a wave of wealth has flocked to South Florida over the last few years, Miami’s transformation has been impossible to miss. The demand has driven home prices to new heights, with the cost of everything else, from food to insurance, climbing along the way.
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New data now confirms what many residents of the Sunshine State have already been feeling in their pocketbooks. According to a new Bloomberg report, the Miami metropolitan area is now more expensive than the greater New York City region for the first time on record, citing the latest data from the U.S. Bureau of Economic Analysis. The outlet also reports that South Florida’s consumer price index has climbed 36 percent since 2019—one of the largest increases in the country, trailing only Tampa…