Like Thanos, it was probably inevitable.
After two-plus years of seeing record numbers of their citizens, wealth and businesses relocate en masse to Miami and Florida, New York’s legacy media outlets took the gloves off this month and unloaded on the Magic City and the Sunshine State in breathtaking fashion. Citing some recent trends showing a slowdown in local population growth and increases in costs of living, the New York Times, Wall Street Journal and Fortune all pounced with aggressively critical columns and articles, making little effort to conceal any latent bitterness. (Even a positive article detailing the soccer superstar’s extraordinary and delightful impact on the region featured the headline “At Inter Miami, Lionel Messi’s Only Complaint Is the Humidity.” Seriously?)
But while the Covid-inspired surges may indeed be moderating and Miami real estate faces some legitimate challenges, there are plenty of reasons for continued optimism in both the near and long term. We calmly respond with facts and independent research in this edition of “South Florida by the numbers.”
Amount of money people in New York, San Francisco, and Chicago making $650,000 a year could save annually in taxes and cost of living by moving to Miami. This article (originally published by Bloomberg) cites a SmartAsset study that looked at single tax filers earning between $150,000 and $650,000 annually in those cities, taking into account federal, state and local tax data. [Wealth Management]
Number of Florida cities recently included in Redfin’s top 10 metro areas where home buyers are moving (by net inflow), with Miami ranked at No. 9. New York City was ranked the No. 2 metro home buyers are leaving (by net outflow), with Miami cited as the top destination. [Redfin]
Percentage of Florida’s population increase between 2021 and 2022, making it the fastest-growing state for the first time since 1957. Florida is already the nation’s third-most populous state. [Census]
Percentage of Miami renters who renewed their leases this year, making Miami the nation’s hottest rental market, according to RentCafe. A total of four Florida markets made the top 10 of this list, including Southwest Florida (No. 3), Broward County (No. 4), and Orlando (No. 8.) [RentCafe]
Percentage increase in South Florida median rents through July; a dramatic pause after jumps of 25 percent in 2021 and 7 percent in 2022. Median rents for one-bedroom apartments actually dipped 1.1 percent in that same timeframe, according to Apartment List. [MiamiHerald]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.