Is New York Keeping You Broke? The Truth About the Miami Migration

0:00This is an iHeart Podcast. Guaranteed Human Ernest, what's up? Look, when you think about discovering small brands what store pops in your mind? Well, it should be Walmart Seriously, Walmart has thousands of small brands and they're all in one place Just go online or in store, discover and shop It could not be easier Every one of these brands has a real story and real people behind it They're true American success stories and you can find them all at Walmart Discover thousands of small brands at Walmart.com today.

0:58It's worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. They don't realize smart people use smartphones, huh? Seeing through BS they thought was going to slide. Download text now because it cuts out clownery. You can literally activate it from your couch. Nationwide 5G with the same towers the other companies use. Pay what you want or not at all. You're in control. Show these ridiculous carriers we ain't paying for stupid because we're way too smart to pay dumb. Free app-based talk and text via the TextNow app requires Wi-Fi or data connection.

1:38Data plans sold separately. 5G where available. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check Lyft before booking a ride. Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift.

2:10I don't know if you saw it, but Miami metro area for the first time ever has surpassed New York metro area. It's actually more expensive. Than New York. So this brings up the great debate. Miami or New York? Okay. What are we going for? It is what it is. If you had to live somewhere and the only place in America you could live was New York and Miami and you had to make a choice, where would you live? I'm going right back to Seafair. I like being close to the water. Now, the vibes in New York are unmatched. New York is on the water. the hudson

3:00i like i like ocean you know i mean so that's it like if i can't go to mexico miami is a great backup like because the energy is similar um but if i had to pick one even though i like the business structure the creativity in new york uh and maybe we can play that clip about the benefits that live in there, even though the cost of hydrogen, energy-wise, I feel more alive in Miami. Well, yeah, let's play that clip from the New York clip. Let's play that. Why do people stay in New York even while it's quietly making them broke? Median rent in Manhattan just hit around$5 ,000 a month. Half a paycheck, gone, before food, and still nobody leaves.

3:41That isn't stubbornness. It's a bet, and the bet has a name. In 1890, an economist named Alfred Marshall Notice something strange about cities. Pack people doing similar work close together, and each one becomes more productive than they be alone. He called it agglomeration. A century later, Harvard's Edward Glazer proved it holds. Workers in dense cities earn more, learn faster, and produce more. And the effect grows the tighter you pack them. Proximity isn't a nice-to-have. It compounds. So here's what that$5 ,000 actually buys. Not an apartment. Proximity. You're paying for the room. The chance hallway conversation.

4:14The friend of a friend who runs a fund. The intro that skips five years of grinding. New York has more wealthy investors per square mile than almost anywhere on earth. Half a million college students feeding in every year. And the highest concentration of major buyers in the country. You're not renting a place to sleep. You're renting access to collisions. And there's a quieter engine. Surround yourself with people working brutally hard. And it drags your own baseline up. Ambition is contagious. Effort spreads like a virus. In New York, the whole city has the fever. So you catch it whether you meant to or not.

4:44But here's what nobody says. Proximity is not the same as success. And the city knows exactly what proximity is worth, which is why it prices your rent to swallow it. You pay the premium upfront, guaranteed every month. The upside only pays out for a few. So most people go broke funding a lottery and the landlord collects whether or not your number ever comes up. The city sells the ticket. It never promised the prize. So why stay broke? Because leaving feels like folding the hand right before the last card. The fear was never the rent. It's that the one encounter that would have changed everything happens the week after you give up and move home.

5:14That fear is the most valuable thing New York sells. It doesn't rent you an apartment. It rents you the version of yourself you might still become. And it charges you everything you have to keep you at the table. I would say this. As somebody that's actually contemplated moving to Miami, and I probably will end up moving to Miami at some point as well. It's not full-time, but, you know, I just don't like cold weather. Part-time, yeah. Let's go through this. Miami versus New York. Let's go through it. Let's go through it. New York City, man, it's got to be the best summer ever for New York City.

5:44they're on a roll. New York's on a roll. For sure. It's a great year. New York has things that no other place has where they have so many different attractions that you can do. You can go to a Broadway play. You can go to a museum. You can go to Central Park. You can go to outdoor cookout basketball game. There's different cultures. The culinary scene is controversial. Best culinary scene in America. So the diversity is unmatched. The art scene. Art scene. Shopping. The list goes on. Outdoor activities. The list goes on. Now, Miami. What does Miami have? Miami has the best weather in America. For sure.

6:31Hands down. Hands down. Like LA got good weather. It's cold in LA. Every night is cold. And it gets cold during the winter. I remember we was going to LA a lot. LA had a cold winter a few years ago and it was raining a lot. It had a bad winter, heavy rains, cold. Oh, that traffic too. On top of it. Oh my God. It's always cold that night. So Miami has the best weather in America. Hands down. They got, they got the ocean, the beach. So views. You still, no matter what, man, like the ocean views, it just, it brings out your spirit. They have logistic problems as well. when it comes to traffic. Any type of art bars or anything like that, their traffic is terrible.

7:19Going from Brickell over the bridge gets backed up. They don't have the proper infrastructure for all the people that's moving down there, especially if they have a major event. That's something that they got to really work on. But you can get a boat in Miami and just cruise the bay. They have a great culinary scene as well. For sure. Great nightlife. They have a great nightlife as well. They don't have as many culturally relevant things. That's one thing about Miami that they don't have compared to New York City. And it's like, even when we went to Abu Dhabi and they had like a, Steve Harvey had a food festival and they were saying like, they're looking to import more cultural things because they built the cities up, but they have no culture.

8:00I'm like, I never thought of that. There's certain things that you, like I said, it's just little, a random block party might just pop up or a random street fair in New York where Miami doesn't have that. Yeah. Their culture, they don't have the same cultural element as New York. They have the food scene. They have the nightlife. They have the weather. They have the scenery. You get more square footage of Miami, too. It's getting tricky, though. It's getting tricky. That's what they were saying. It used to be, yes. It's getting tricky. You got a little bit further out. It's getting tricky now.

8:36Ernest, what's up? Look, you probably think of Walmart as the store that carries just about everything under the sun, and maybe not as the place to discover small brands. Well, two things can be true at the same time, because Walmart is home to thousands of small brands founded by people who had an idea, took a chance, and built something of their own. Behind everyone is a real story and a lot of hard work. So why not take a little time to recognize all the people building small brands across the country and support everything they're creating? Walmart is proud to give those brands a place on its shelves and online.

9:09It's never been easier to find and support small brands. So take a look at Walmart. You might come across something new, something unexpected, or a brand whose story speaks to you. You never know what you're missing until you look. Discover thousands of small brands at walmart.com. Quick one before you jump back in. You're listening for ways to help teams move faster, make sharper decisions, and turn scattered context into work they can use. ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT.

9:43This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for Work. Download the ChatGPT desktop app or contact sales to learn more. They don't realize smart people use smartphones, huh? Seeing through BS they thought was gonna slide. Download TexNow because it cuts out clownery. You can literally activate it from your couch. Nationwide 5G with the same towers the other companies use. Pay what you want or not at all. You're in control. Show these ridiculous carriers we ain't paying for stupid.

10:22Because we're way too smart to pay dumb. Free app-based talk and text via the TexNow app. requires Wi-Fi or data connection. Data plans sold separately. 5G where available. Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more.

10:55You've worked hard for your money, Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. Okay. Tough decision. It depends on what you want. And no state income tax. No state income tax is a, okay. There's no state income tax. That's major. But the property taxes is phenomenal. Same in Texas. Unbelievable. Yeah. unbelievable. And some insurers pulled out of Florida. The property tax is becoming a major issue because of all the floods and because of the hurricane. So there's no state income tax, but those property taxes is crazy.

11:40They're creeping up. And that's another thing in the conversation - I mean, the insurance part, yeah. But you got to factor the insurance part and the property tax in when you want your dream home. That's another thing in inflation. We're going to talk about the the the all the construction companies that are taking prices up but the the property tax is something you guys got to factor in when you want these mega mansions and mansions like everything is starting to be incredibly inflated yeah the insurance is a major issue and not just miami but the whole whole state yeah like i said a lot of insurers actually pulled out of florida so you gotta factor that in that's raising the cost of living because those things just keep going.

12:22People are paying a couple thousand dollars a month in insurance. For sure. And just insurance. So that's crazy. And then you got to deal with Armageddon. Like they say, Miami's going to be underwater in 20 years. I've been saying the same thing about California for 80 years. And if you're going to go, it's a good place to go. I like Miami, though. It's a tough decision to make because I just feel like I don't know. It's difficult. It's difficult. It's difficult. The business in New York, well, I mean, infrastructure-wise, no city can match New York almost. And just, like, media being there. But, yeah, I just, I think that when we look at Miami, it's 50-50.

13:13That's why a lot of people, I guess, live in both places, because what you get in Miami, you can't get in New York. What you get in New York, you can't get in miami they they do complement each other a lot that's why a lot of new yorkers have moved to miami and if you really you know can can you know do both a lot of people live in new york and miami that's the real solution is both you you you need a primary city and then you need a city that makes you feel alive for sure so if you can afford it definitely do both but Miami's tough though in terms of quality of life and just feeling alive though it's vibrant it's one of the few cities in America that still feels lively post COVID yeah Miami yeah yeah yeah Miami's definitely having a good run and that's why this game is so expensive right New Yorkers always run the price up everything too.

14:17That's the other part. The New York inflation, y 'all go somewhere. Y 'all did it in Atlanta. Y 'all doing it in Miami. You got to find you a place to go to to move around. Arbitrage. That's the word, right? Arbitrage. Arbitrage. So your pick is Miami. For sure. At one point, I really because I was coming up there so much, I'm like, let me get a place. In New York? yeah for sure 2021 22 oh my god it's like you know what i want to saw a few places i'm like for the size that i'm getting i'm like oh my god i'm gonna just stay in houston but in miami you can you can still pull off a penthouse for a nice margin it's getting tougher it's getting for sure because ross moving around bezos them uh star island shack buying up everything and That's the real inflation.

15:10People say, okay, I don't think it's the average person from New York that's moving down that's causing the inflation. It's the billionaires that's moving into Wall Street South. That's what they're calling it, Wall Street South. So, yeah, you got hedge funds. You got King Griffin, Citadel. Those are the people that's really raising the price of everything because now, yeah, of course, they're living in Star Island and they're living in, but it is a trickle-down effect. For sure. it's a trickle down effect that that definitely has a ripple effect when you have just you know 15 billionaires moving a month that's going to impact everything for sure and then some of the top traders from those firms they're moving there they're moving their families there like it definitely is a trickle down effect because for a while miami was kind of like the hack like pre-covid to live in a nice city that was relatively affordable and that's that's slowly going away but yeah I'm definitely picking Miami but I always loved Miami I loved Miami my whole life I wanted to go to the University of Miami actually really okay I always loved Miami the vibe when I first got to Miami seeing South Beach for the first time Miami's a special place it's like being in America but kind of not being in America pretty much yeah it's like separate from America yeah pretty much War Cup.

16:33Ernest, what's up? Look, when you think about discovering small brands, what store pops in your mind? Well, it should be Walmart. Seriously, Walmart has thousands of small brands, and they're all in one place. Just go online or in-store, discover, and shop. It could not be easier. Every one of these brands has a real story and real people behind it. They're true American success stories, and you can find them all at Walmart. Discover thousands of small brands at walmart.com today. Before you sign off, you tuned in for ways to help teams move faster, make sharper decisions, and turn scattered contexts into work they can use.

17:11ChatGPT for Business can help. ChatGPT for Business gives teams a shared workspace with admin controls, permissions, and access to work and codecs in ChatGPT. This means your business can move from question to answer and code to rollout quicker. Join over 10 million business and enterprise users worldwide already using ChatGPT for work. Download the ChatGPT desktop app or contact sales to learn more. Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partner with Empower. Empower is all about helping you invest well so you can go out and live a little.

17:49Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You've worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com. Not an Empower client paid or sponsored. When traveling for events or festivals throughout the country, every dollar matters. We compare flights, prices, hotel rates, and restaurant options. So why wouldn't we compare rides? Personally, I always check lift before booking a ride.

18:26Prices can change throughout the day depending on traffic, weather, and what's happening in the city. If you're headed to a concert, out to dinner, or catching up with your friends on a Friday night, taking a few seconds to check lift could leave you with more money to enjoy the experience. Save money. Check lift. This is an iHeart Podcast. Guaranteed human.