Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner? As home values rise, so does your net worth. And, if you’ve been in your house for a few years (or longer), there’s a good chance you’re sitting on a pile of equity — maybe even more than you realize. What Is Home Equity? Home equity is the difference between what your house is worth and what you owe on your mortgage. For example, if your house is worth $500,000 and you still owe $200,000 on your home loan, you have $300,000 in equity. It’s essentially the wealth you’ve built through homeownership. Right now, homeowners across the country are seeing record amounts of equity. According to Intercontinental Exchange (ICE), the average homeowner with a mortgage has $319,000 in home equity. Why Have Homeowners Gained So Much Equity? The rise in home equity over the years can be credited to two key factors: 1. Significant Home Price Growth Home prices have climbed dramatically in recent years. In fact, according to the Federal Housing Finance Agency (FHFA), over the past five years, home prices nationwide have risen by 57.4% (see map below):   This appreciation means your house is likely worth much more now than when you first bought it. 2. Longer Tenure in Homes Data from the National Association of Realtors (NAR) shows people are staying in their homes for a decade (see graph below):     This increased tenure means homeowners benefit even more from home values growing over time. That’s because the longer someone has lived in their house, the more that home’s value has grown, which directly increases equity. And if you’re one of those people who’s been in their home for 10 years or more, know this – according to NAR: “Over the past decade, the typical homeowner has accumulated $201,600 in wealth solely from price appreciation.” The Benefits of Having Home Equity What does that mean for you? It means your house might be your biggest financial asset — and it could open up some exciting opportunities for your future. Let’s break it down. Moving to Your Next Home Your equity could help you cover the down payment for your next home. In some cases, it might even mean you can buy your next house all cash. Financing Home Improvements Thinking about upgrading your kitchen, adding a home office, or tackling other projects? Your equity can provide the funds to make those improvements happen, increasing your home’s value and making it more enjoyable to live in too. Getting a Business Going If you’ve been dreaming about starting your own business, your equity could be the kickstart you need. Whether it’s for startup costs, equipment, or marketing, leveraging your home’s value can help bring your entrepreneurial goals to life. Bottom Line Whether you’re thinking about selling, upgrading, or simply want to understand your options, your home equity is a powerful resource. If you’re wondering how much equity you’ve built or how you can use it to meet your goals, connect with a local real estate agent to explore the possibilities.

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Over the past few years, Miami has experienced notable population growth, fueled in part by people relocating from major U.S. cities like New York and other parts of the Northeast. A significant portion of our clients are New Yorkers exploring new living opportunities in the Magic City. One of the most common questions we hear from them is, “How does the cost of living in Miami compare to New York?” To provide clarity, we’ve prepared a detailed, data-driven analysis to answer this question. This isn’t just a surface-level comparison; it’s a thorough breakdown of what it truly costs to live in these two iconic cities. New York has long been recognized as one of the most expensive cities in the country, earning the title of the priciest U.S. city last year and ranking 7th globally. Meanwhile, Miami has seen its cost of living rise recently, driven by its growing popularity, an influx of new residents, and substantial out-of-town investments. But is Miami now rivaling or even surpassing New York in terms of living costs? Let’s find out. To give you the most accurate comparison, we’ve referenced multiple reliable sources, each offering unique insights into the cost differences between these two world-renowned cities. Of course, the cost of living is influenced by factors such as income, state and local taxes, and the fact that salaries in New York City are typically higher—partly to offset its higher tax rates. It’s also worth noting that New York’s population is over 15 times larger than Miami’s, which impacts various economic factors. In this post, we’ll break down all the key components of living expenses in both cities, providing a clear understanding of what it means for your finances if you’re considering moving to Miami or New York. Let’s dive in!   — Housing in Miami vs. NYC In Miami, the costs of rent and homeownership can vary significantly, depending on whether you want to live in a popular neighborhood like South Beach or Brickell or one farther out in the suburbs like Kendall or Doral. And even then, cost fluctuates based on the kind of home you’re looking for and, particularly, if it's near the coast or water. As of December 2024, the median rent price for a two-bedroom apartment or condo in greater Miami was $2,511, according to data from Zillow. This represents a decline of $356 per month, year-over-year. As Miami real estate experts, we should point out that this number includes many of the southern and western suburbs, so if you are looking to rent in Miami’s most popular neighborhoods, expect rents to be at least 50% higher. This increase can largely be attributed to the high influx of people to Miami, and the relocation of high net-worth individuals and major companies in the area, as demand outpaces supply. Simply more demand, and more luxury product, have pushed up rents in core coastal Miami and Miami Beach neighborhoods.       As expected, the cost of housing in Miami will be your highest living expense, but it’s still nowhere near the prices you see in New York City. However, if you are owning, you do have to factor in other insurance costs, such as flood and hurricane insurance, that would not have in New York City. Up in The Big Apple, the median price for any kind of a condo or apartment is $4,193. That’s still 40% more expensive than in Miami, just like last year. And again, the caveat here is Zillow’s estimates include large areas in their calculations.  So let’s dive a little deeper and compare, for example, rents by zip code for Brickell (aka the Manhattan of the South), and Manhattan.     What do we find? For the zip code of 33131, the median rent in December 2024 for two-bedroom apartments and condos was $4,146 (very similar to last year’s). For the zipcode of 10017, Manhattan’s Midtown, the median rent for a 2-bedroom is $6,500 (an $825 increase year-over-year). However, if you go south into Lower Manhattan, rents jump even higher. The median price for a 2-bedroom in zip code 10007 near Tribeca is $7,995 per month.  If you compare a more coastal neighborhood close to Brickell, like Key Biscayne, the median rent for a two bedroom condo or apartment is $6,800. We suggest using our search tool to look at rents in Miami condos if you want a sense of prices, amenities and floor plans. For example, you can view two bedroom condos for rent in coastal Miami. — What About Buying a House in NYC vs. Miami?   Much of what has been said about renting in New York City can also be said of buying there. Across all five boroughs, the average New York home value, as of December 2024, is $764,868 with an increase of 3.7% year-over-year. Meanwhile, in Miami, the average home value rings in at $584,467, which is a much lower value even considering that it had a 5.5% increase year over year.  Both of these numbers are low compared to if you want to be “in” either of these cities. For example, according to Realtor.com, the median listing price of a home in Brickell in November 2024 was $749,900.  Overall, New Yorkers spend 248% more on housing than people in Miami-Dade County, making Miami unarguably less expensive to own property. However, this percentage does not explicitly include the aforementioned flood and hurricane insurance costs. Furthermore, people can get more space for their money, making it an attractive location for New York City residents to migrate to.   — Comparing Food Prices in NYC vs. Miami The most recent data shows that when it comes to grocery shopping, Miami easily surpasses other US cities. At $327.89 per week, Miami tops the list of the largest US cities according to the weekly amount spent on groceries. In comparison, New York is in 7th place with $282.60 per week.     However, when it comes to eating out, New Yorkers will have to pay almost a third more than Miami natives. A 3-course meal for 2 people in a mid-range restaurant will set you back about $100 on average if you’re dining in Miami. In New York, however, the same experience is going to cost you about $130   — How Is Transportation in Both Cities? In Miami, even though more and more people are forgoing car ownership, it’s still extremely common to own a car, and many would say necessary. Meanwhile, in New York City, it isn’t as common. Unfortunately, both cities are among the most expensive in the country for car owners due to high insurance rates, gas prices, and tolls, among other costs.     One of the primary reasons is parking. And, in NYC, a parking spot is another form of real estate and it’s just as expensive. If you want to park your car in a lot, the rate in New York City averages about $600 per month but can surpass the thousand-dollar mark in some areas of Manhattan. It would be like renting your car a bedroom in the city. Miami’s silver lining when it comes to parking is that it is usually, but not always, included with your home, condo, or apartment, and it is much cheaper compared to NY.     Now, when it comes to public transportation, Miami’s monthly pass is cheaper than New York’s, with the first one going for $112.50 and the latter for $132, although New York’s system is much bigger and much more comprehensive than Miami’s. Don’t expect to have nearly the same connectivity in Miami that you have in NYC for public transportation. At least not yet.  Finally, you should add to this the occasional taxi and ride-sharing service and you’ve got similar costs for transportation in both cities.   — Entertainment in Miami vs. NYC In New York, you can find the entire gamut of entertainment options, from the extremely expensive to the free, and lots of it. Although that is also true of Miami, as the city is a fantastic cultural destination, New York takes first prize for the sheer number of entertainment and cultural options available, 24-7. It’s where you’ll find the country's greatest concentration of art and culture.   However, New York is more expensive for fun things you pay for. For example, seeing a movie in Miami costs $15.00 per ticket, while in New York City, it’s $18, a 20% increase (and it’s the highest movie ticket price in the country). Moreover, a ticket to a Broadway musical in NYC can run into the hundreds of dollars, easily. In contrast, a ticket to the traveling production of the same show in Miami is still expensive but probably half the price or less for the same seats. Concerts and sports events will probably cost about the same for the average ticket. However, premium and club level seats will probably be more expensive in NYC. — What About Healthcare? Although both cities have great options, healthcare is 35% more expensive in Manhattan, and 28% in Brooklyn, compared to Miami-Dade County. Much of your healthcare expenses will depend on your health insurance plan and premiums. However, a 2023 federal study found that the average premium in New York for employer-sponsored single coverage was the third-highest in the U.S. at $9,173. Its average cost for family coverage was second-highest at $26,355. Another study found the average 2024 health insurance premium in Florida was $471 versus $627 in New York.  — Difference in the Cost of Utilities In Miami, utility bills vary by the season. Air conditioning is necessary throughout most of the year, especially in the summer when the heat combines with the humidity, but turning your heat on is only necessary a few days or weeks out of the year. With its temperate weather, Miami residents are simply not subject to heating their homes during the winter like in New York. Additionally, heating with gas is not common at all in Miami, so living here you won’t likely have a gas bill.     Moreover, energy is one of those items you can add to the growing list of things that are more expensive in New York City. Over there, the average cost of electricity for 2024 is 31¢ per kilowatt/hour, whereas the average cost of electricity in Miami is 14¢ per kilowatt/hour.  Your total monthly expense will depend on the size of your home, how many people live in it, and how modern your appliances are, but generally, Miami should be cheaper than in The Big Apple.   — Comparing Taxes in New York City vs. Miami For a more detailed look, check our comprehensive comparison between Florida taxes vs. New York’s, but to give you a peek, the short answer is that New York’s taxes are much higher across the board.   New York has a state income tax, as well as a city income tax. However, Florida has no income taxes. So, naturally, due to the lack of income tax, Florida is becoming more and more attractive to businesses and wealthy New York residents to relocate, thus gaining points in the old Miami vs. New York property race. According to SmartAsset estimates, should you be earning a high six-figure salary ($650,000 and higher) and decide to move to Miami, you could be saving about $200,000 per year! — Frequently Asked Questions What Salary Do You Need to Live Comfortably in Miami? According to the 50/30/20 budget, which accounts for your basics (50% of your salary), wants (30%), and savings (20%), if you are single, without children, you must earn around $69,000 a year to live comfortably in Miami-Dade County. Please note, that is the larger regional area of the county. Of course, everyone’s definition of comfort is slightly different, and it largely depends on your interpretation, considering Miami has a substantial luxury housing market.  However, this figure represents what it would take to afford modest necessities and have a bit of disposable income left over. In New York, you would need at least a $138,000 annual salary to live comfortably as a single person.  How Much Cheaper Is Miami Than New York City? While the cost of living in the Miami area is 18% higher than the national average, in New York it reaches 77%, which makes living in Miami 59% cheaper than in New York. — So What’s the Bottom Line in the New York vs. Miami Debate?  As we’ve seen, Miami is still significantly less expensive than New York City, despite recent increases in Miami housing costs. This is due mainly to the tax savings and other expenses still being cheaper in The Magic City. So if you’re considering moving to Miami from NYC, you’ll find significant cost savings and likely a raise in your standard of living. What is more, the Miami real estate forecast for 2025 is extremely favorable.  And not only is Miami cheaper than New York, but MIA residents enjoy stunning beaches and amazing weather year-round in the center of a vibrant international cultural hub. If you feel like making the move, let us be your guide. Explore all available listings at our website or contact us and we’ll be happy to help you every step of the way!

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  This is the time when a lot of people take a moment to reflect and set their goals for this year. And as you picture what you want your 2025 to look like, one thing that may pop into your mind is the vision of you in a new home. But how do you get there? And where do you start? Here’s some advice that can help you get the ball rolling. Focus on Your Why To lay the foundation, you need to focus on your why. While the dollars and cents are important, so is the driving force behind your desire to move. Maybe you need more space for a growing family, want to sell so you can downsize, or are finally ready to buy your first home. Whatever your reason, it’s important to keep it front and center. Your why is what helps you stay focused. Share your motivation with your agent and they’ll use their expertise to help support that goal, no matter what the market looks like. With a great agent by your side, you’ll have someone to guide you, problem-solve, and keep you moving forward until you can check that goal off your to-do list. Get Clear on What You Need Then it’s time to figure out what your next home needs to have. How many bedrooms do you need? If you don’t have a designated home office, is that a deal-breaker? What about a big fenced-in backyard? Knowing your must-haves and nice-to-haves makes the search a lot smoother. Since affordability is still tight, it’s important to have a clear idea of your essential items upfront. Maybe you can flex a bit on location, if it’s got everything else you’re looking for. Go over those essential items with your agent and they’ll help you focus on the homes that check the boxes that matter most while staying within your price range. Know Your Numbers Before you jump in, take a look at your finances. How much have you saved? What monthly payment feels comfortable? Getting clear on your budget early will help you know what’s possible. The best way to do this is by partnering with trusted real estate professionals, like a local agent and a lender. They’ll help you: Plan for your down payment and look into down payment assistance programs Understand the equity you have in your current home and how you can use it to fuel your next move if you’re selling Get pre-approved for a mortgage so you know what you can borrow Lean on a Pro To Guide You It can be hard to know where to start, but you don’t have to do it alone. A real estate agent knows what you need to do to get ready to buy or sell, how to navigate the process, and can answer your questions every step of the way. As Bankrate puts it: “. . . now more than ever, it’s smart to lean on the guidance of an experienced local real estate agent. If you want to enter the housing market in 2025, whether as a buyer or a seller, let a pro lead the way for you.” Remember, buying or selling is a big milestone and a great goal for this year. With the right expert on your team, you’ll feel confident and ready to take on the market. Bottom Line If buying or selling a home is part of your goals for 2025, now’s the time to get started. Focus on your why, know what you need, and connect with trusted pros to make it happen. Team up with an expert and make this the year you accomplish your real estate resolutions.

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