The financial math behind fleeing high-tax states for a Florida paradise is hitting a major roadblock.

While the absence of a state income tax in the Sunshine State remains a powerful draw for transplants, a combination of rising property taxes, soaring property insurance premiums and everyday inflation has pushed Miami’s total cost of living above New York City’s for the first time.

A recent Bloomberg analysis found that data from the U.S. Bureau of Economic Analysis indicate that the combined cost of living in the Miami, Fort Lauderdale and Palm Beach region — dubbed the “Gold Coast” — is now roughly 5% higher than that of the New York metropolitan area and its surrounding suburbs.

Additionally, consumer prices in South Florida have risen 36% since 2019, according to the U.S. Bureau of Labor Statistics. That represents the second-highest inflation surge among major American markets, trailing only Tampa.

Despite the state’s lack of an income tax, S&P CoreLogic Case-Shiller data show South Florida home prices have jumped 79% since the pandemic, while the average annual homeowners insurance premium stands at $8,292 — the highest in the country and roughly four times the average cost of insuring a home in New York.

U.S. Census Bureau data also shows that the typical household income in the Miami metro area sits approximately $1,000 below the national median, and the cost of daily tasks like dining out has climbed 4% year-over-year to $94 per person per restaurant bill, compared to New York City’s average of $79 per person per check.

However, price relief could be on Florida’s horizon after Gov. Ron DeSantis and the Florida Legislature approved a proposed constitutional amendment for the November 2026 general election ballot that would expand the state’s homestead exemption. Under the proposal, eligible homeowners could receive up to a $250,000 exemption from non-school property taxes, phased in beginning in 2027 if voters approve the measure.

If approved by at least 60% of voters, the constitutional amendment could mean lower property tax bills and significant savings for millions of Florida homeowners.