The Miami metro area, which includes Palm Beach County, has overtaken the New York City metro in overall cost of living, according to a new report from the U.S. Bureau of Economic Analysis.
Cost of Living Comparison
The report uses a national average of 100 to compare prices across regions. The Miami metro scored just over 114, while the New York City metro scored just over 112. The only metro area with a higher score was San Francisco.
This finding has surprised many residents in Palm Beach County. Jason Rash, a realtor with Admirals Cove Realty, said the rising costs reflect the behavior of people moving to the area.
Rash added that the cost of living, combined with limited land supply and strong demand, is driving up prices across the board. The report calculates these scores using regional price parities, which combine housing, groceries, transportation, and other everyday expenses.
Original reporting: WPBF (Treasure Coast / Hearst) — read the source article.
