News Summary

• Scott Scovel sold his Manhattan condo for $1.65 million in 2019 and moved to Miami.
• He hoped to benefit from Florida's lack of income tax and relatively lower cost of living.
• While working, he says he saved around $40,000 a year, but the real advantage was how much further his housing budget stretched.
• If you're counting on a move to dramatically slash your monthly expenses, run the numbers carefully.
• Be sure to consider costs like homeowners' insurance and property taxes.