New York - NY vs Miami - FL: 2026 Housing Comparison

What this means for buyers

New York - NY is roughly 53% more expensive than Miami - FL in typical home value. Homes sit on market longer in Miami - FL (52 days vs 33), suggesting more buyer leverage there.

New York vs Miami: what the numbers say

At today's 7.40% average 30-year rate with 20% down, the typical home would cost about $4,049 a month in principal and interest in New York and $2,641 in Miami, a gap of $1,408 a month.

Typical rent runs $3,546 in New York and $2,654 in Miami, so the mortgage payment alone is 1.1 times rent in New York and 1.0 times rent in Miami, before taxes and insurance.

Home prices are 17.2 years of rent in New York and 15.0 in Miami; the lower ratio in Miami means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +7.6% in New York and -4.4% in Miami; over just the last three months the change was +1.3% in New York and +0.7% in Miami.

Homes sell for 102.3% of list price in New York and 95.7% in Miami, after 33 and 52 days on the market, with price cuts on 17% and 19% of listings. All three signs point the same way: buyers have more room to negotiate in Miami.

The number of homes for sale is up 3% on a year ago in New York and down 14% on a year ago in Miami.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-15), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.