Miami is more expensive than New York. It's a bad sign for the city's economy.

Miami's job market is slowing as the latest cost of living data shows it's even pricier than places like New York City. MIREYA ACIERTO/Getty Images Miami's post-COVID renaissance among the affluent set has come at a cost: It's now more expensive than New York City. Aside from the ultrawealthy buying property, Miami's migration has slowed as costs rise. As more people retreat to more affordable cities, Miami's economy may soften. Elhanan Harel and his wife were living in New York City , where they paid $1,770 a month for a tiny one-bedroom apartment. The rent might have been manageable had Harel's lice-treatment business been doing well, but the pandemic's disruptions had made it difficult to make ends meet. In 2020, the couple moved to Miami , hoping their money would stretch further. The move initially paid off.