Posted by Larry Mastropieri on Tuesday, May 20th, 2025 2:00pm.
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.
According to a new report from the Citizens Budget Commission, from 2018 to 2022:
Palm Beach and Miami-Dade Counties gained more than 30,000 former New Yorkers
These movers brought $9.2 billion in income with them
In Palm Beach County alone, 20,000 newcomers had an average per capita income of $190,000
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.
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.
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.
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.
The draw of no income tax can’t be overstated. But it’s also the everyday lifestyle:
Year-round sunshine
Access to beaches, golf courses, and marinas
Larger homes with private pools and outdoor space
Many movers also say their quality of life drastically improved, and they’re not looking back.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.