Moving to Miami from New York can save high-income Americans up to $200K annually.

Wealthy Americans who move from New York to Miami can save up to $200,000 a year due to lower taxes and a cheaper cost of living, according to a study by SmartAsset. The cost of living in Miami is 22.8% higher than the national average, compared to 137.6% higher in Manhattan. Florida does not have a statewide income tax, which is why wealthy New Yorkers pay some of the steepest taxes in the nation. The study comes as a growing number of Americans migrate from predominantly blue states with steep taxes to red states with lower taxes.