South Florida has long been a relocation destination for many New Yorkers. With this said, the recent exodus out of cities such as Manhattan has resulted in even more New Yorkers moving south to paradise. In short, the New York to Florida pipeline is remaining strong. In addition to the pandemic’s effects, more New Yorkers are deciding to move out due to financial or political reasons. With Florida attracting even more companies, this is also resulting in more economic opportunities in The Sunshine State as well.
Although definitive migration data, such as information tracked by the U.S. Census Bureau, is not yet available for 2020, change-of-address filings from the United States Postal Service (USPS) provide insight into the patterns expected once that data comes out. Below is a breakdown of permanent address changes filed from Manhattan to Florida for 2020 vs. 2019:
The South Florida luxury market
Although many states saw volume increases in relocations from New York, perhaps the biggest benefactor was the South Florida luxury real estate market. According to year-end statistics from the Florida Realtor’s Association, over 16,000 Florida homes sold for at least $1 million in 2020. This equated to a 46% increase from 2019. Although we do not know exactly how many of these luxury buyers came from Manhattan, it is assumed that many of these were relocations from New York.
On average in the state of Florida, 7 people move in for every 1 person that moves out of the state. Needless to say, the state is continuing to see an influx of New Yorkers looking to move south. Dade, Broward, & Palm Beach counties saw an additional 2,710 residential filings in 2020. On the whole, Florida saw an increase of approximately 4,300. Therefore, South Florida accounted for over half of the state’s gain. As we have written about previously, we expect this trend to continue for the foreseeable future.
Are you thinking about relocating to South Florida? Live South Florida Realty, Inc. has assisted many clients realize their dreams of moving to paradise. We can help you too. Contact us today!