Someone making $150,000 in NYC can save nearly $50,000 by moving to Miami, one study says

• Moving from New York City, Chicago, or San Francisco to Miami could save high earners thousands.
• Different tax policies and varying cost of living can impact potential savings.
• Those making $650,000 or more could save up to $200,000 moving from NYC to Miami, a new study found.

Those earning north of $150,000 per year could save anywhere from $2,000 to nearly $200,000 in a move from major metropolitan areas like New York City, Chicago, or San Francisco to Miami, a new study found.

An analysis based on tax rates and average cost of living from finance website SmartAsset found that the biggest savings in terms of taxes often come from leaving a dense, expensive area like New York City to a city or state with more favorable tax rates.

In the most extreme cases, New Yorkers making $650,000 or more could save nearly $200,000 per year in tax and cost of living savings living in Miami instead.

A report from real estate company Redfin earlier this year found that Miami led the list of metro areas that people from outside the area were looking at real estate listings for, and Florida had several cities in the top 10, Insider previously reported.

Florida's tax policies have also driven it toward the top of Census data in terms of incoming population in recent years, but some including tech billionaire Peter Thiel have said real estate has become too expensive in the state because of the growing population.

Savings moving from New York City to Miami

_{Source: SmartAsset}

The New York to Miami provides the largest benefits because of both very different tax policies, and a significant drop in cost of living expenses, as the cost of living in New York City is 137% higher than the US average, while Miami is just 23% higher than average, SmartAsset found.

Chicago has a better cost of living than Miami at only 17% above average, and San Francisco is in the middle of the others, at 83% higher than the average American's household expenses of about $5,500 a month.

Savings moving from San Francisco to Miami

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New York City and San Francisco provide significant differences because of both higher taxes and cost of living, the study found. However, Chicago boasts slightly higher taxes, a total of about 32% to 40% of income for the selected high earners compared to about 27% to 35% for Miami residents.

That relatively small difference in taxes is offset by the city's slightly lower cost of living. In total, a Chicagoan moving to Miami will only save 1% or 2% of their yearly salary, while people moving from San Francisco to Miami would save about a quarter of their income.

Savings moving from Chicago to Miami

_{Source: SmartAsset}