A comprehensive side-by-side comparison of taxes, cost of living, housing, income, and insurance costs between New York and Florida.
State 1
NY
State 2
FL
No Income Tax State
Florida has no state income tax, which can mean significant savings for residents compared to New York (10.90% top rate).
| Category | New York | Florida |
|---|---|---|
| Income Tax Rate | 10.90% | No Income TaxBetter |
| Property Tax Rate | 1.62% | 0.86%Better |
| Property Tax (on Median Home) | $6,804/yr | $3,268/yrBetter |
| Sales Tax Rate | 4.00%Better | 6.00% |
| Cost of Living Index | 130 | 102Better |
| Median Home Price | $420,000 | $380,000Better |
| Median Household Income | $75,900Better | $67,900 |
| Avg. Auto Insurance | $2,100/yrBetter | $2,800/yr |
| Avg. Home Insurance | $1,400/yrBetter | $3,600/yr |
Index relative to national average (100)
New York
$420,000
Property Tax: $6,804/yr
Florida
$380,000
Property Tax: $3,268/yr
New York homes are +10.5% more expensive than Florida homes.
New York
$75,900
Florida
$67,900
New York households earn $8,000 more per year on average.
| Type | New York | Florida | Difference |
|---|---|---|---|
| Auto Insurance | $2,100/yr | $2,800/yr | $700/yr |
| Home Insurance | $1,400/yr | $3,600/yr | $2,200/yr |
| Total Insurance | $3,500/yr | $6,400/yr | $2,900/yr |
Weighted score combining income tax, property tax, sales tax, cost of living, housing, insurance, and income. A lower score indicates better overall financial affordability.
New York
101.6
Florida
32.3
More Affordable
New York offers lower sales tax, higher median income compared to Florida. Meanwhile, Florida offers lower income tax, lower property tax, lower cost of living, more affordable housing. Overall, Florida edges ahead in our weighted financial comparison.
New York Advantages
Florida Advantages