Migration to Florida has fallen 93% in three years, but Miami still attracts high-income job movers
Florida may have lost some of its pandemic-era appeal when net migration fell 93% in three years, but Miami remains a powerful magnet for out-of-state professionals looking for new opportunities.
Last year, the Sunshine State gained just 22,517 new residents through net domestic migration, or the total number who moved from another state minus the total number of moves. That’s down from 58,411 in 2024, 183,646 in 2023 and 310,892 in 2022, according to the latest figures. US Census facts.
At the height of the 2021-2022 migration wave, Florida stood out as the nation’s top destination. However, it has since fallen to eighth place as remote working has fallen out of favor, with more companies embracing the return-to-office mandate, while housing costs have risen.
Fueled by a series of devastating hurricanes, Florida’s rising home insurance premiums have further dampened the state’s appeal, making it a less attractive destination for out-of-state movers.
“Florida’s dramatic 93% decline in net migration compared to its 2022 peak reflects a market normalization following major pandemic-era moves,” says Realtor.com® senior economic research analyst Hannah Jones. “Higher housing prices, rising insurance costs, hurricane risk and the gradual return to office work have dampened the pace of inbound movements, shifting the state from breakneck growth to a more sustainable migration pattern.”
Ana Bozovica Miami-based real estate agent and founder of a real estate research firm Analysis Miamiemphasizes, however, that while overall migration to Florida has slowed, high-income domestic migration and international inflows remain resilient in the midst of this post-pandemic adjustment.
“We see this reality reflected in the luxury and super-prime segments, where transaction volume is at an all-time high and continues to gain momentum,” she tells Realtor.com.
She notes that international buyers are an important part of South Florida’s growth.
“Miami is evolving into a truly global capital rather than simply a low-tax alternative, and it’s still in its infancy,” she says.
High-paid workers flee to Miami
Despite the post-COVID slowdown, it’s not all bad news for the country’s third most populous state. According to one new report from Miami Realtors® analyzing job-to-job data from the U.S. Census Bureau, tens of thousands of interstate workers recently transitioned to new positions in the Miami metro area.
New York, Texas, Georgia, California and New Jersey were the top sources of job movers to Miami in 2024, according to the latest available figures.
Highly qualified and high-earning workers working in professional, scientific and technical fields accounted for the largest share of the 55,244 newcomers in ‘Magic City’, at almost 13%, writes Homo Cororatonchief economist Miami real estate agents.
By comparison, that was almost double the share of lower-income people who moved to Miami during the same period, which was just 6.8%.
“Career alignment has replaced the urgency of the pandemic. In the period 2020 to 2022, many moves were reactive,” says Bozovic. “Today’s movers are strategic. Miami now has a meaningful presence in finance, technology, ventures and family offices. Professionals are following institutional gravity rather than simply relocating due to post-pandemic pressures.”
New York led the influx of out-of-state talent to Miami, accounting for 13.8% (7,372) of all job movers. Texas ranked second with a 9.4% share (4,991), followed by Georgia with 8.2% (4,349), California with 6.2% (3,318) and New Jersey, which rounds out the top five for new hires with 5.7% (3,018).
Bozovic says Texas is a bit of an outlier because, like Florida, it has no state income tax, confirming that this recent wave of migration is not purely tax-driven.
“Miami offers stronger international connectivity, especially with Latin America and Europe, as well as a more globally integrated financial ecosystem,” she explains. “It also offers something that Texas real estate markets don’t offer at scale: a true waterfront lifestyle and a globally recognized market for trophy assets. … In that sense, Texas movers are not tax refugees. They are lifestyle and network optimizers.”
The typical transplant who moved to Miami from out of state for work earned more than $101,000 a year in 2024, according to the Census data analysis.
On the other hand, people who moved to Miami from elsewhere in Florida earned a median annual income of just under $62,000.
Interstate job movers are raking in the money
Among out-of-state workers who moved to Miami, Illinois residents saw the highest wage growth, with an average annual salary of $172,000, followed by New York ($164,480), Washington ($164,144), California ($155,864) and Maryland ($143,868).
Cororaton notes that job changers from these five markets typically work in high-paying industries, including technology, finance and real estate.
From the first through third quarters of 2024, out-of-state workers earned a total of $5.1 billion, providing a significant boost to Miami’s economy.
On the housing front, Jones says the arrival of high-earning professionals from other states in South Florida is keeping up demand for luxury housing, but she points out that this trend is also putting pressure on affordability for local buyers.
Cororaton predicts that job migration could accelerate further in 2026-2027 as Florida continues to attract professionals and businesses alike with its business-friendly and low-tax climate, even as New York City and California face potential tax increases.
Mayor of New York Zohran Mamdani campaigned to increase the city’s corporate tax from 7.25% to 11.5% and impose a 2% city income tax on anyone making more than $1 million a year.
Meanwhile, in California, a controversial proposal to impose a one-time 5% wealth tax on the state’s 200 billionaires goes before voters in November.
“For high-income professionals, the math makes sense,” Bozovic says. “And California and New York have both made it very clear that tax policy will become increasingly hostile to capital in the future. The writing is on the wall.”
