Between 2018 and 2022, more than 30,000 New Yorkers relocated to South Florida, bringing with them $9.2 billion in income. This large-scale movement isn’t just about weather or lifestyle, it reflects deeper trends in taxation, cost of living, and long-term wealth planning.
Let’s break down what this migration means for buyers, sellers, and the future of our market.
A Massive Wealth Migration From NYC to South Florida
$9.2 Billion in Income Has Relocated
According to a new report from the Citizens Budget Commission, from 2018 to 2022:
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Palm Beach and Miami-Dade Counties gained more than 30,000 former New Yorkers
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These movers brought $9.2 billion in income with them
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In Palm Beach County alone, 20,000 newcomers had an average per capita income of $190,000
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Miami-Dade added another 26,000 transplants, earning roughly $266,000 each
This is a high-income migration, not snowbirds, but full-time residents who are bringing money, spending power, and investment energy.
Miami and Palm Beach Are the Top Destinations
The largest shares of this wealth are going to Palm Beach, Miami, and neighboring luxury markets like Boca Raton, Delray Beach, and West Palm Beach. These areas offer what many New Yorkers want: space, lifestyle, tax relief, and a growing business environment.
Who’s Moving And Why It Matters
These aren't just retirees or remote workers. Many are financial professionals, entrepreneurs, and high-earning families. They’re buying homes, opening businesses, enrolling kids in elite schools, and reshaping the economy in neighborhoods across South Florida.
Why So Many New Yorkers Are Moving to South Florida
High Taxes, High Costs, and Post-COVID Life in NYC
New York’s cost of living has continued to rise. Add in rising crime, long winters, and a slower pandemic recovery, and many New Yorkers began rethinking their zip code.
Taxes were a huge factor, too. With state and city income taxes reaching over 12% in NYC, the 0% state income tax in Florida became a major incentive.
Florida’s Appeal: No Income Tax, Sunshine, and Space
The draw of no income tax can’t be overstated. But it’s also the everyday lifestyle:
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Year-round sunshine
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Access to beaches, golf courses, and marinas
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Larger homes with private pools and outdoor space
Many movers also say their quality of life drastically improved, and they’re not looking back.
How This Migration Is Changing South Florida Real Estate
Soaring Home Prices in Luxury Markets
With high-earning buyers entering the market, home values in places like Boca Raton, Palm Beach, and Miami Beach have surged.
According to Redfin, Miami’s median home price jumped 44% from 2020 to 2023. Palm Beach has seen even sharper rises in the ultra-luxury segment.
Buyer Expectations Are Getting Bigger and Bolder
New York buyers are used to top-tier finishes, services, and convenience. That means walkable neighborhoods, concierge services, resort-style pools, and smart-home tech are no longer optional; they’re expected.
Developers and agents have had to adjust to meet those demands.
High-End Demand in Coastal and Gated Communities
Gated communities in Delray Beach, West Boca, and Palm Beach Gardens are seeing rising interest from buyers looking for security, exclusivity, and community amenities.
High-rise condos in Downtown Miami, Brickell, and Sunny Isles are also booming thanks to new buyers seeking turnkey luxury.
The Long-Term Shift in Wealth and Residency
Florida’s Growing Share of U.S. Millionaires
Back in 2010, New York held 12.7% of the nation’s millionaires. By 2022, that number fell to 8.7%. Florida, meanwhile, gained ground fast.
According to Phoenix Marketing International, Florida is now one of the top three millionaire-heavy states in the U.S., along with Texas and California.
It’s Not Just the Ultra-Rich; Young Professionals Are Coming Too
Yes, billionaires like Ken Griffin and Carl Icahn made headlines for relocating to Florida. But younger high-income earners, tech entrepreneurs, remote workers, and professionals are also making the move.
Many are choosing Boca Raton, Delray Beach, and Fort Lauderdale, looking for communities with nightlife, schools, coworking spaces, and coastal vibes.
From Seasonal to Permanent: South Florida as a New Home Base
What used to be a second-home destination is now a first-choice for full-time living. This shift has impacted everything from school enrollments to car registrations to voter demographics.
What It Means for Buyers, Sellers, and Investors
Low Inventory Meets High-Income Demand
Inventory in many popular neighborhoods is tight. With demand surging from out-of-state buyers, competition is fierce, especially for homes in top school zones or near the water.
Sellers, on the other hand, are seeing record-breaking returns.
Commercial Growth Follows Residential Booms
From new restaurants to private schools to medical facilities, commercial development is following the population shift. Miami and Palm Beach counties are both seeing major investment in infrastructure, retail, and office space.
The result? More jobs, more businesses, and more growth ahead.
Competitive Edge for Locals and Out-of-State Buyers
Whether you’re buying from New York, Chicago, or right here in Florida, timing, knowledge, and negotiation skills matter more than ever.
That’s where working with a trusted South Florida real estate agent can make the difference.
Final Thoughts: The Future of South Florida Real Estate
This shift has brought billions in income, tens of thousands of new residents, and a wave of change that is reshaping the housing market across Miami, Palm Beach, and beyond.
Buyers need to move smart. Sellers have more opportunities than ever. And investors should keep an eye on where the money is flowing next.
Contact The Mastropieri Group, Realtors® at (561) 544-7000 for expert advice and personalized service in this competitive market. Whether you’re relocating from New York or already living in South Florida, our team is ready to help you navigate today’s high-stakes real estate market.
Posted by Larry Mastropieri on
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