New Yorkers With Total Incomes Of $9 Billion Fled To Miami And Palm Beach In Pandemic Exodus, Driving South Florida’s Home Price Boom

Roughly 30,000 New Yorkers with a combined annual income of $9.2 billion relocated to Miami-Dade and Palm Beach counties between 2017 and 2022, according to a new report from the nonpartisan Citizens Budget Commission.

Their migration played a major role in driving up South Florida home prices during the pandemic.

The report highlights how affluent movers helped supercharge the region’s real estate market. New York City had already been losing residents since 2017, but the trend accelerated during COVID-19. Between April 2020 and July 2022 alone, the city lost nearly 500,000 people.

While most of those who left New York stayed in the Northeast, many of the wealthiest chose Florida—particularly Miami and Palm Beach. This influx of high-income buyers led to a sharp rise in home prices. In the 12 months through May 2021, median list prices per square foot rose 28% in Miami-Dade and 45% in Palm Beach, according to Realtor.com data.

“After years of steady price growth, both counties saw a surge driven by affluent buyers,” said Hannah Jones, a senior economic research analyst at Realtor.com. “People were drawn by the sunshine, coastal lifestyle, and relative affordability compared to New York.”

Home prices reached record highs during this boom. Palm Beach County peaked at $349 per square foot in May 2022, while Miami-Dade hit $564 in June 2023. Although prices have edged down since mid-2023, they remain far above pre-pandemic levels.

Migration to Florida has since slowed. In 2024, the state saw a net gain of just over 64,000 people from domestic migration, down sharply from 185,000 in 2023 and over 314,000 in 2022, according to U.S. Census Bureau data. Analysts point to factors like soaring home insurance premiums and declining affordability, as Florida now has one of the highest home price-to-income ratios in the South.

Still, during the pandemic years, South Florida was an appealing landing spot for wealthy New Yorkers—many of whom sold expensive Manhattan homes and bought larger properties in Florida. In 2019, median list prices in Manhattan hovered around $1.7 million, compared to $1.1 million in Palm Beach’s core ZIP code.

According to the CBC report, nearly 20,000 New Yorkers with average incomes of $190,000 moved to Palm Beach County between 2017 and 2022. Miami-Dade attracted over 26,000 people from NYC, averaging $266,000 in income.

“With rising concerns around affordability and quality of life, New York City’s ability to retain residents and businesses is a critical challenge,” said CBC President Andrew Rein.

Source: Realtor.com