New York’s Loss Is South Florida’s Gain
Over the past five years, more than 30,000 New Yorkers have traded skyscrapers for palm trees, relocating to Palm Beach and Miami-Dade Counties. According to a recent report from the Citizens Budget Commission, these moves have shifted over $9.2 billion in annual income from the Empire State to the Sunshine State.
Who’s Making the Move?
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Nearly 20,000 individuals with an average income of $190,000 per person moved to Palm Beach.
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Over 26,000 individuals earning an average of $266,000 per person relocated to Miami-Dade.
These aren’t just any movers—they’re high-income households, drawn by lifestyle upgrades, lower taxes, and warmer weather.
Why Florida?
The pandemic changed everything. With a shift in values and priorities, many began to seek out cities offering:
Miami and Palm Beach stood out as the go-to destinations.
What This Means for NYC
It’s not just Florida reaping the benefits:
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Long Island gained 138,000 former NYC residents, costing the city $11.1 billion in adjusted gross income.
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Westchester County added nearly 60,000 people, translating to a $5 billion reduction in NYC’s tax base.
And while NYC still saw an increase in millionaires from 2010 to 2022—from 36,000 to nearly 70,000—its share of national millionaires dropped from 12.7% to 8.7% during that time.
The Political Stakes
Why does this matter? Because the top 1% of taxpayers in NYC cover 40% of its income tax revenue. Watching this wealth walk away has huge implications for public services, city planning, and economic strategy.
Who’s Leaving?
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Millennials are leading the migration.
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High-income earners are the most common demographic on the move.
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The CBC report also notes racial, age, and income-based migration patterns.
Even though NYC’s population ticked up in 2023 and 2024 due to international migration, the trend is clear: wealth is heading south.
Bottom Line
For cities like Miami and Palm Beach, this migration is more than a trend—it’s a transformation. As a local real estate expert, I’m seeing firsthand how demand from high-income buyers is reshaping our neighborhoods, markets, and opportunities.
If you're ready to explore what’s drawing America’s top earners to South Florida, let’s talk.
