A recent report by the Citizens Budget Commission has unveiled a fascinating narrative on the mass exodus of affluent individuals from New York City to South Florida, specifically Miami-Dade and Palm Beach counties, over the past five years. The study reveals that approximately 30,000 New Yorkers with a combined annual income of $9. 2 billion relocated to the Sunshine State between 2017 and 2022, prior to a noticeable slowdown in migration.
This influx of high-net-worth individuals contributed to a surge in home prices in South Florida, particularly during the COVID-19 pandemic, when New York City's population began to dwindle. The city's population declined by nearly half a million residents between April 2020 and July 2022, with most of those who left opting to remain in the Northeast.
However, "those who fled the region predominantly migrated to Florida.".. bringing in a wave of capital and fueling an escalation in home prices. According to data from the Realtor. com economic research team... median home list prices per square foot skyrocketed 28% in Miami-Dade County and a staggering 45% in Palm Beach County between 2020 and 2021.
Reference: Found hereSome 30,000 New Yorkers with combined annual incomes of $9.2 billion moved to Florida 's Miami-Dade County and Palm Beach County in the five years through 2022, prior to a recent slowdown in migration , a new report reveals. The report released this week by the Citizens Budget Commission , a nonpartisan fiscal watchdog, sheds new light on the wave of wealthy migration that fueled an explosion in home prices in South Florida at the height of the COVID-19 pandemic.
No comments:
Post a Comment