Moving from New York City, Chicago, or San Francisco to Miami could save high earners thousands.
Those making $650,000 or more could save up to $200,000 moving from NYC to Miami, a new study found.
Those earning north of $150,000 per year could save anywhere from $2,000 to nearly $200,000 in a move from major metropolitan areas like New York City, Chicago, or San Francisco to Miami, a new study found.
In the most extreme cases, New Yorkers making $650,000 or more could save nearly $200,000 per year in tax and cost of living savings living in Miami instead.
In total, a Chicagoan moving to Miami will only save 1% or 2% of their yearly salary, while people moving from San Francisco to Miami would save about a quarter of their income.
Persons:
SmartAsset, Peter Thiel
Organizations:
Savings, Miami
Locations:
New York City, Chicago, San Francisco, Miami, NYC, Florida, New York, York City