Florida sees sharp drop in East Coast migration as Miami housing costs soar

Research from the University of Florida’s Shimberg Center indicates that Florida’s once-robust inbound migration has slowed markedly, and Miami-Dade County experienced a substantial net loss of residents. Rising home prices and living expenses have redirected low- and middle-income migrants from New York and Boston toward Central Florida and cities like Fort Myers and Sarasota, where housing is more affordable. The aftermath of the 2021 Surfside condominium collapse prompted stricter building inspections and higher reserve funding, driving up condo fees and insurance premiums.

Miami now ranks among the nation’s most expensive major cities, trailing only San Francisco, and its new housing supply is focused on high-end projects that exclude price-sensitive buyers. While affluent investors continue to pour money into luxury condos, the city faces a growing affordability gap that could affect its workforce and overall livability.