Invest with My Condo Expert
Where to invest in a condo
Two of America's deepest condo markets, compared on the numbers that matter. Choose the city that fits your goals, then let our licensed brokers guide every step.
Markets we cover
Each city page covers prices, the neighborhoods worth a closer look, ownership costs and the buying process step by step. More cities will follow.
Miami
No state income tax, a broad condo market at many price points and the top US state for foreign buyers.
- Median condo price
- $417,090
- existing condos, Sept.
- Rental yield (gross)
- Varies by building
- model net of fees
- State and city income tax
- None
- no state or city income tax
New York
A deep resale market, Manhattan rents up 9% in a year and condos that welcome investors where many co-ops do not.
- Median condo price
- $1.65M
- Manhattan resale condos, Q3
- Rental yield (gross)
- Low single digits
- varies by unit
- State and city income tax
- Up to 10.9% NYS + 3.876% NYC
Start with the market, not the listing
The right condo begins with the right city. Miami pairs no state income tax with a broad, lower-priced condo market. New York offers a deep resale market and strong rental demand at a much higher entry price.
This guide compares both markets using sourced, condo-specific figures wherever they exist. Use it to frame your decision, then speak with an advisor who can model a specific building, budget and holding period.
Markets, taxes and rules change, and nothing here is tax or legal advice. We will always point you to the right tax and legal professionals before you commit.
Miami vs New York at a glance
Headline figures for condos in each market. Medians compare different sets of homes from one period to the next, and costs vary widely by building, so read the notes on each city page.
| Miami | New York | |
|---|---|---|
| Median condo price | $417,090 (existing condos, Sept.) | $1.65M (Manhattan resale condos, Q3) |
| Price per sq ft | ~$350 median (Sept. 2026, MLS data) | $1,807 avg (Manhattan resale condos) |
| Rental yield (gross) | Varies by building; model net of fees | Low single digits; varies by unit |
| Price change | -0.7% YoY median (Sept. 2026) | +10% YoY resale condo median (Q3) |
| Property tax | ~2% of taxable value (City of Miami) | Class 2: ~12.4% of assessed value |
| State and city income tax | None (no state or city income tax) | Up to 10.9% NYS + 3.876% NYC |
| Buyer closing costs | Often ~1% cash; more if financed | ~3–4% condo; up to ~5% new dev. |
| Best for | Rental income, second homes, relocation | Long-term value, steady rental demand |
Indicative figures from the latest available reports: Miami sales data for September 2026, New York data for Q3 2026 (Manhattan unless stated). Taxes and rules change; confirm details with your tax and legal advisors.
Two kinds of buyers, one process
Relocating within the US
Moving from another state to live full-time, or to live part of the year and rent? Your priorities are fit, total monthly cost and taxes after the move.
- Florida has no personal income tax, while New York State and New York City both tax residents' income.
- In Florida, a primary residence can qualify for a homestead exemption of up to $51,411 for 2026 (part of it does not apply to school taxes) and capped assessment increases.
- In New York City, an apartment that is your primary residence is exempt from the new pied-à-terre surcharge.
Investing from abroad
Buying from another country? Focus on ownership rules, financing, how rental income is taxed and how you will eventually sell.
- Condos are generally open to foreign buyers in both cities, while many New York co-ops restrict pied-à-terre and investor purchases.
- When a foreign owner sells, the buyer generally must withhold up to 15% of the price under FIRPTA, with lower rates or exemptions in some residential sales.
- Cash is common: 49.4% of Miami-Dade existing condo sales closed in cash in September 2026, and lenders now review condo buildings more closely.
How My Condo Expert helps
Choose the market
We compare cities, neighborhoods and building types against your budget, timeline and rental plans.
Vet the building
We review association finances, reserves, inspection reports, rental rules and pending assessments before you commit.
Line up your partners
We introduce lenders, real estate attorneys, cross-border tax advisors and insurance specialists who work with both domestic and foreign buyers.
Close and operate
We coordinate every step to closing and refer trusted rental and property managers so the investment runs smoothly from day one.
Choosing between Miami and New York
Which city is better for rental income?
It depends on the building and the price point. Manhattan's median rent reached $5,395 a month in September 2026, but purchase prices are high, so gross yields are typically in the low single digits before common charges and taxes. Miami's entry prices are lower but association fees are significant, so we always model returns net of fees, taxes and insurance.
How much do I need to invest?
The September 2026 median sale price for existing condos in Miami-Dade was $417,090. In Manhattan, resale condos had a record Q3 2026 median of $1,650,000, while resale co-ops traded at a median of $875,000. Both markets offer options well above and below these medians.
How do taxes compare?
Florida has no personal income tax. New York State taxes income at rates up to 10.9%, and New York City residents pay up to 3.876% more. At purchase, New York adds a mansion tax from $1 million and a mortgage recording tax on loans, while Florida charges documentary stamp taxes. A tax professional should review your situation.
Can I use the condo for short-term rentals?
Rules are strict in both cities. In New York City, stays under 30 days are only legal when the permanent resident is present and the host is registered. In Miami, rules depend on the city, zoning and the building's own documents; Miami Beach, for example, prohibits rentals under six months and one day in many areas.
Which market favors buyers right now?
Miami-Dade had about 12.3 months of condo supply in September 2026, a buyer's market that rewards careful negotiation. Manhattan inventory was at its lowest third-quarter level since 2017 and prices rose, although signed contracts fell year over year. Conditions change, so we review current data with you before any offer.
Can I buy in both cities?
Yes. Some clients pair a Miami residence with a New York pied-à-terre, or diversify rental holdings across both. New York's pied-à-terre surcharge can apply to condos and co-ops with a city market value of $1 million or more that are not anyone's primary residence, so how you use and hold the property matters.
Find the right market for your goals
Tell us your budget, timeline and how you plan to use the property. A licensed My Condo Expert advisor will compare options in Miami and New York with you.
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