Living in the Miami metro area now costs more than living in New York City for the first time on record, according to a Bloomberg analysis published Monday that draws on federal data showing South Florida's consumer prices have jumped 36% since 2019.

The U.S. Bureau of Economic Analysis' latest Regional Price Parities report, which compared 2024 data, gave the Miami-Fort Lauderdale-West Palm Beach metro a score of 114.155, edging past New York-Newark-Jersey City's 112.563. Only the San Francisco Bay Area ranks higher nationally.

The average restaurant bill across the metro has climbed 4% year-over-year to $94 per person, compared with New York City's current average of $79 per person, according to the Bloomberg report. Private-school tuition, homeowners insurance and property taxes are all up from a year ago.

Home prices across South Florida have soared 79% since the start of the pandemic, according to S&P CoreLogic Case-Shiller data. Florida's average annual homeowners insurance premium now stands at $8,292, the highest in the country and roughly four times what New York homeowners pay, according to online marketplace Insurify. Property taxes in the metro have jumped 62% since 2019, more than double the national average, real estate data firm Attom found.

"It's no longer just about the purchase price," Corcoran agent Michael Buttacavoli told Bloomberg. "It's about the total cost to own."

Those costs hit a metro where the typical household income sits approximately $1,000 below the national median, according to Census Bureau data.

South Florida resident Robert Nordling told WPLG Local 10 on Tuesday that the pressure shows up in everyday purchases. "The cost of living, the cost of anything from sandwiches to gas, it's up one day, down the next," Nordling said.

Miami resident Mario Torres was blunter, telling the station the same day: "And it's only gonna keep climbing from here."

Homeowners could get some offset from Amendment 3, titled "Save Our Homes from Excessive Property Taxes," which will appear on the Nov. 3 general election ballot. If at least 60% of voters approve, the homestead exemption would rise from $50,000 to $150,000 in January 2027 and to $250,000 in January 2028, excluding school district levies. The Legislature's nonpartisan Office of Economic and Demographic Research estimates local governments statewide would lose $11.8 billion over two years if the measure passes.

Despite the rising costs, demand shows no sign of easing. Florida TaxWatch projects the state will add nearly 2.3 million residents between 2026 and 2035. Statewide, the median sales price for existing single-family homes hit $432,000 in June, up 4.9% from a year earlier, Florida Realtors reported.

Nordling isn't convinced the price tag will deter anyone. "Always an appeal here, everybody wants to be in Miami," he told WPLG. "New York and Miami. I guess they're dancing together now."