We get this question quite frequently from companies planning to start hiring (or expand their hiring) in the United States: where is the best market to look for candidates, New York or Miami, Florida? There are pros and cons to both areas and with this article we’d like to break down the differences.
The job markets in NYC and South Florida
Though obviously it’s impossible to generalize, the job markets in NYC and South Florida do share some commonalities. They are both major international cities with large centers of industries. They are highly desirable places to live and both come with a substantial cost of living. Both Miami and NYC are hotbeds of talent, especially in the burgeoning tech sector. Though there is no shortage of qualified executives in both cities, in a tight labor market, we find that the best candidates can afford to be discriminating about their next career move.
A number of multinational companies maintain strong presences in both Miami and New York, including beauty companies, luxury retail, fashion houses, wines and spirits purveyors, and of course, tourism firms.
Miami companies strive to reach affluent locals and visitors who congregate from a number of foreign countries. Standing at the gateway of the Caribbean and Latin America, Miami is strategically placed for a number of internationally-minded businesses. Of course as the center of much of culture and media in the United States, New York has its own gravitational pull on business. We find that such considerations factor a great deal to European companies contemplating expanding their operations in either area.
Cost of Living Compared
When we drill down beneath the surface of the New York and Miami job markets, we see distinctions that bear exploration. For one thing, there are dramatic differences in the cost of living in NYC vs. Miami.
- One COA calculator gauged that New York is 50% more expensive overall than Miami.
- The biggest difference is cost is housing — NYC is twice as expensive to live in as Miami
- Transportation and utilities are also significantly more expensive in NYC (25% and 50% more expensive respectively).
The bottom line is that NYC talent expects higher salaries across the board. How much higher? It depends a lot on the job function.
Comparing Typical Job Functions & Salary Ranges
Here are some common mid-level job titles and salary ranges in NYC and Florida:
|Job Title||Miami Salary Range||NYC Salary Range|
|Account Manager||$78,000 to $150,000||$97,000 to $186,000|
|Marketing Manager||$75,000 to $133,000||$93,000 to $166,000|
|Finance Manager||$103,791 to $134,628||$129,005 to $167,334|
|Account Director||$119,686 to $154,366||$148,763 to $191,867|
|Marketing Director||$116,733 to $159,346||$145,092 to $198,057|
|Finance Director||$144,559 to $213,927||$179,678 to $265,898|
As you can see, the pay scale for similar jobs is significantly higher in NYC.
The Bottom Line
We like to give our clients this rule of thumb: they are likely to have to pay 30% more in salary to hire in the NYC city market.
So where you should you hire?
This is a complex calculation, but looking strictly at cost, many companies would be better served to hire in the South Florida market, or at least consider the pros and cons of making a hire there. While candidate pool, experience level and seniority should all factor into your decision, it’s important to have a realistic sense of the salary expectations of the candidates you’re seeking before you begin your hiring process.
At ACCUR Recruiting Services, we frequently consult on how to set a strategic salary range. To do this, we use our years of knowledge of the executive placement market, along with a network of individuals knowledgeable about the local market. We know that this process is challenging and that’s why we’ve developed a free assessment. Take it now for customized guidance on setting the right range for your position.