Miami's cost of living has surpassed New York City's for the first time, driven by soaring home prices, insurance, and property taxes. Miami's consumer price index rose 36% since 2019, with homeowners facing the highest insurance premiums in the U.S. Property taxes increased 62%, and everyday expenses like tuition and dining also climbed. Despite lower average incomes, the region attracts ultra-wealthy buyers, creating a divided housing market.