Leaving New York for Miami Can Save Nearly $200,000 a Year

For people who make $650,000, moving to Miami from New York can save nearly $200,000 a year thanks to lower taxes and a cheaper cost of living.

That’s according to a new study from financial information provider SmartAsset, which looked at how much people with six-figure salaries in New York, San Francisco and Chicago can save on taxes and other costs if they decamp to the South Florida city.

For people with a $650,000 salary who leave San Francisco for Miami, the savings is estimated at more than $150,000, the study found. It’s a different story in Chicago, where the savings was about ...