The migration of high-income earners from New York to South Florida goes far beyond the appeal of warm weather. Favorable tax rates, a high quality of life, and an exclusive residential offering continue to position Miami as the new home base for the wealthy.
For five consecutive years, between 2018 and 2022, a particular group of New Yorkers decided it was time for a change. These were not occasional relocations or job-driven moves. The profile of those leaving New York City for South Florida mainly includes individuals whose incomes far exceed the national average—and who are seeking a complete lifestyle shift.
According to data from the Citizens Budget Commission, cited by Bloomberg, nearly 20,000 people with an average per capita income of about $190,000 moved to Palm Beach. At the same time, more than 26,000 individuals earning around $266,000 a year settled in Miami-Dade County. The total income that left New York with them is striking: $9.2 billion in earnings migrated south.
The pandemic was not the only catalyst. While it played a significant role, deeper structural factors also contributed—such as New York’s heavy tax burden, high cost of living, growing concerns over safety, and the daily grind of a city increasingly seen as difficult to live in.
Florida: Sunshine, Privacy, and Tax Advantages
For those seeking wealth stability and personal peace of mind, South Florida offers conditions that few other major U.S. cities can match. The state levies no individual income tax, a significant difference compared to places like New York.
Its regulatory environment is also more accommodating for individuals managing large estates.
But taxes are only part of the equation. Both Palm Beach and Miami-Dade have expanded their inventory of high-end residences. In recent years, luxury real estate developments have proliferated, combining exceptional design, premium services, and natural surroundings.
Oceanfront towers, private-marina homes, and low-density gated communities coexist with a growing cultural scene and direct air connections to major U.S. and international hubs.
Access to top-tier services—from healthcare to private education—is another key part of the appeal. Privacy, too, has become a significant priority among high-net-worth individuals.
Buyer Profile: New Priorities and a Generational Shift
This migration isn’t driven solely by wealth—it’s also a generational phenomenon. Many of South Florida’s new residents are millennials who have solidified their financial position in recent years and now prioritize less congested environments, closer contact with nature, and greater flexibility to work remotely.
In most cases, they were already familiar with Florida through vacations or previous investments. The difference is that now they’re making it permanent—bringing their income, consumption patterns, and families along.
These buyers favor turnkey properties with premium amenities, strong connectivity, and architecture that blends comfort with functionality. Green spaces, large terraces, open layouts, and proximity to marinas, golf courses, or high-end sports facilities are increasingly important.
Another revealing detail: many are not selling their New York homes. They keep both, splitting time between cities. For them, South Florida has become more than a seasonal escape—it’s a second home.
Miami and Palm Beach: Beyond the Tourist Appeal
Although New York’s overall population grew slightly again in 2023 and 2024 due to international migration, the outflow of high-income residents continues to reshape the country’s residential map. It marks a significant shift in the distribution of wealth.
Meanwhile, Florida continues to climb in the ranks of millionaire taxpayers. According to Bloomberg, while New York held 12.7% of the nation’s millionaires in 2010, that figure dropped to 8.7% by 2022. States like Texas and Florida have gained ground instead.
This shift shows up not only in tax statistics but also in the vibrancy of Florida’s real estate market, the boom in luxury developments, and the range of new services designed to cater to this growing demographic.
Ultimately, Palm Beach and Miami-Dade are no longer just vacation destinations; they have become thriving communities. They’ve become powerful magnets for those seeking quality of life, asset growth, and a stable base for the years ahead. And all signs suggest this preference is here to stay.
At Swann Realty Partners, we help our clients interpret these market trends and identify the best opportunities across South Florida’s top luxury hubs.
Want to discover which type of property best fits your investment profile—or explore areas with the highest growth potential? Get in touch with our team today.