New Yorkers who moved to Texas, Florida aren't saving as much as they used to: report

New Yorkers who recently ditched the city for low-tax hot spots in Florida and Texas are finding the savings to be a lot less than they would have if they moved four years ago as the cost to rent or buy a home soars.

Rents and home prices in Miami have surged by around 40% since the pandemic, which sparked the Great Exodus from the Big Apple to the Sunshine State, as well as to Dallas and Austin in the Lone Star State, according to a study by financial information provider SmartAsset.

The result has been that New Yorkers earning $250,000 who moved to Miami last year ended up saving $88,036 — or 28% less compared to people in the same income bracket who moved to South Florida in 2019, the study found.

By comparison, those early settlers had saved $122,956, according to the data, first reported by Bloomberg News.