Is Florida right for your finances? A data‑driven primer for New Yorkers
New York City residents are bracing for a wave of uncertainty now that the new mayor has taken office. Anticipating changes ahead, nervous New Yorkers have turned their attention to Florida. High-end realtors in Miami report a 165% spike in inquiries by New Yorkers.
Realtors in Palm Beach County report a spike in inquiries about interest for property in Jupiter, Palm Beach Gardens, Delray Beach and Boca Raton. Palm Beach County records show that the top three sources for out-of-state buyers in 2025 are New York County, Nassau County and Suffolk County, NY. While Florida life is different, for many, Florida is a compelling alternative to New York—especially for those living in the city.
Florida’s tax advantage
For high-income New Yorkers, Florida’s tax structure remains one of its most powerful differentiators. Florida has no state or city income tax, whereas in NY the combined state and city tax rate can exceed 14%. The financial boost from no state taxes is striking.
The tables below show the financial effect for two hypothetical households that file a married, joint tax return.
$400,000 household income
| State Residency | Annual HH income | NY City tax | New York state tax | Total NY taxes | State & local rate | After-tax earnings |
| New York | $400,000 | $15,279 | $24,324 | $39,603 | 9.9% | $360,397 |
| Florida | $400,000 | $ 0 | $ 0 | $ 0 | 0.0% | $400,000 |
$2,200,000 household income
| State Residency | Annual HH income | NY City tax | New York state tax | Total NY taxes | State & local rate | After-tax earnings |
| New York | $2,200,000 | $85,047 | $163,963 | $249,010 | 11.3% | $1,950,990 |
| Florida | $2,200,000 | $ 0 | $ 0 | $ 0 | 0.0% | $2,200,000 |
The Florida wealth advantage
Residents of Florida can build significant additional wealth over time versus New Yorkers who earn similar income. Tax savings from living in Florida can be repurposed toward personal goals like retirement or educating children.
As Certified Financial Planners, we advise Florida newcomers to invest their tax savings into their employer’s 401K plan, or better yet, their employer’s ROTH 401K option. Investing the potential windfall of tax savings from living in Florida can be lucrative, as shown below using the same examples as above.
| Florida couple’s annual income | Total NY Tax avoided | Annual amount invested for goals | Time Period | Annual Return | Future Value $ |
| $400,000 | $39,603 | $30,000 | 15 yrs | 8.0% | $870,866 |
| $2,200,000 | $249,010 | $185,000 | 15 yrs | 8.0% | $5,370,092 |
Backed by proactive economic development efforts and a rapidly expanding ecosystem across finance, technology, logistics, and trade, Florida offers executives a combination that is difficult to ignore: economic momentum, policy stability, and an improved day-to-day lifestyle.
Quality of life that changes the equation
Perhaps most importantly, Florida delivers a tangible upgrade in quality of life. Residents benefit from newer homes, more space, shorter commutes, and thoughtfully designed communities—luxuries that are increasingly scarce in New York’s urban core, particularly.
Florida’s year-round warm climate, coupled with the increasing focus on wellness, offers newcomers a lifestyle that balances ambition with livability. For many who make the move, the result is not just economic, but a higher level of personal satisfaction.
Ready to see your numbers?
If you’re weighing a move from New York to Florida, the most important step is a personalized plan. A Florida-based Mesirow wealth advisor can model your after‑tax cash flow, retirement and education funding, estate and domicile considerations, insurance costs, and the impact of reinvesting tax savings—so you can decide with confidence.
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The next article in this series will cover Florida’s universities, public school ratings, and Florida’s Step Up for Students scholarship program for private school students.
This material is for informational purposes only and is not tax, legal or investment advice. Investment advisory services are offered by Mesirow Financial Investment Management, Inc., an SEC‑registered investment adviser. Outcomes depend on individual circumstances; hypothetical examples are illustrative and not guarantees. Consult your tax and legal advisors.