New York City Lost $9 Billion As Residents Move To Miami, Palm Beach

MIAMI, Florida  – New York City has lost $9.2 billion in income between 2017 and 2022 as approximately 30,000 residents relocated to Miami-Dade and Palm Beach counties in Florida, according to a Citizens Budget Commission (CBC) report first reported by Bloomberg.

This migration of high-income earners exacerbates the city’s fiscal challenges, with a projected budget deficit exceeding $7 billion by 2025.

The CBC report details that around 20,000 New Yorkers with an average per capita income of $190,000 moved to Palm Beach County, while over 26,000 with an average per capita income of $266,000 relocated to Miami-Dade County during the five-year period.

This net loss of income, accounting for both out-migration and in-migration, significantly impacts New York City’s tax base, which relies heavily on high earners for income, property, and sales tax revenues.

While the broader South Florida region, including Broward County, has also attracted New Yorkers, the CBC report does not provide specific income loss figures for Broward. However, in 2021, of the 61,728 New Yorkers who exchanged their driver’s licenses for Florida ones, approximately 19,100 moved to Miami-Dade, Palm Beach, or Broward counties.

The migration to South Florida is driven by a confluence of factors. The COVID-19 pandemic accelerated remote work, untethering professionals from New York’s high-cost urban core. Florida’s lack of state income tax, coupled with more affordable housing and a lower cost of living, has proven irresistible for many. For example, Palm Beach County’s median household income of $65,000 and Miami-Dade’s $68,105 pale in comparison to New York’s $74,262, but the absence of state income tax and cheaper real estate stretch dollars further.

Bloomberg notes that, from 2010 to 2022, the State of New York’s share of U.S. millionaires declined from 12.7 to 8.7 while Florida’s share grew from 6.9 to 9.7.

New York Exodus To South Florida Slowing

Florida’s once-surging influx of new residents slowed sharply in 2024, driven by soaring housing costs, frequent hurricanes, and high insurance rates.

Tampa saw the steepest migration slowdown among the 50 largest U.S. metro areas, with a net inflow of just 10,544 residents in 2024—less than a third of the 34,920 in 2023.

Miami’s net outflow grew, losing 67,418 residents compared to 50,637 the prior year.

Orlando‘s net inflow fell to 779 from 16,357, while Fort Lauderdale‘s net outflow rose to 26,339 from 14,875.