On the whole, yes. Compared to NY, no, UNLESS you're living on SouthBeach. Shit's expensive down here. Especially dining and drinking and keeping up with the fashionable joneses.
As the wise philosopher Rach once said: "Beware the mollusk and all its ensnarements."
I disagree. Like anywhere, you just have to know where to go . . . .
As for recommendations, I lived there forever and had very little luck finding anything good down there clothes-wise. There was a little store (creatively called "European Fashions") in Aventura that carried some decent suits, but generally speaking it was the suck. The Ralph Lauren outlet at Sawgrass once had a slew of Purple Label suits for $500 each, but now it's an RL kids store. There are occasionally good things at the outlet stores (Last Call in the Dolphin Mall, por ejemplo). Puig makes nice bespoke guayaberas. Other than that . . . ???
I'd be interested to hear your recs, since I haven't lived down there in a while (though I'm there frequently, I don't get too much time to explore).