Florida Immigration Drops 93% in 3 Years—but Miami Still Attracts High-Wage Workers
Florida may have lost some of its pandemic-era charm as net migration has dropped 93% in three years, but Miami remains a powerful magnet for out-of-state professionals moving to new opportunities.
Last year, the Sunshine State gained just 22,517 new residents from domestic migration, or the total number from another state compared to total out-migration. That’s down from 58,411 in 2024, 183,646 in 2023, and 310,892 in 2022, according to the latest US Census data.
At the height of the 2021-2022 immigration boom, Florida stood out as the nation’s leading destination. However, it has since dropped to 8th place as remote work is no longer acceptable, as more companies embrace the mandate to return to the office, while housing costs rise.
Fueled by a series of devastating hurricanes, soaring home insurance premiums in Florida have once again dampened the state’s appeal, making it an unattractive destination for out-of-state travelers.
“Florida’s dramatic 93% drop in immigration compared to the 2022 peak reflects the post-pandemic market conditions,” said Realtor.com® chief economist. Hannah Jones. “High housing prices, rising insurance costs, hurricane risk, and a gradual return to office work have slowed the pace of internal migration, transforming the state from a stagnant growth pattern to a sustainable migration pattern.”
Ana Bozovicthe Miami-based real estate agent and founder of real estate research firm Analytics Miami, emphasizes, however, that while immigration to Florida has slowed, high-income domestic migration and immigration remain strong during this post-pandemic recovery.
“We see this reality reflected in the luxury and high-end segments, where transaction volume is at an all-time high and still growing,” he told Realtor.com.
He notes that international buyers represent an important part of South Florida’s growth.
“Miami is evolving into a true capital of the world rather than a low-tax alternative, and it’s still early days,” he said.
High-paid workers fled to Miami
Despite the post-COVID downturn, it’s not all bad news for the third most populous country. According to a new report from Miami Realtors® that analyzes US Census Bureau data on job-to-job flows, tens of thousands of interstate workers have recently transitioned to new roles in the Miami metropolitan area.
New York, Texas, Georgia, California, and New Jersey were the main sources of job relocations to Miami in 2024, according to the latest statistics available.
Highly skilled and highly paid workers working in the professional, scientific, and technical fields accounted for the largest share of the 55,244 newcomers to the “Magic City,” about 13%, it wrote. The Gay Cororatonchief economist at Miami Realtors.
By comparison, that was nearly double the share of low-income people who moved to Miami during the same period, at 6.8%.
“Work adjustments have replaced the urgency of the pandemic. In 2020 to 2022, many migrations took place,” said Bozovic. “Today’s movers are strategic. Miami now has sound capital, technology, business, and a family office. Professionals are following gravity rather than simply moving due to post-pandemic stress.”
New York led the flow of out-of-state talent to Miami, accounting for 13.8% (7,372) of all job transfers. Texas was in second place with a share of 9.4% (4,991), followed by Georgia at 8.2% (4,349), California at 6.2% (3,318), and New Jersey rounding out the top five sources of new workers at 5.7% (3,018).
Bozovic says that Texas is an outlier, because, like Florida, it does not have a federal income tax, which ensures that this latest wave of immigration is not only tax-free.
“Miami offers strong international connections, especially in Latin America and Europe, and a globally integrated financial system,” he explained. “It also offers something that Texas real estate markets do not offer on a limited scale: a true waterfront lifestyle and a world-renowned trophy property market. … In that sense, Texas movers are not tax escapers. They are a way of life and they develop a network.”
The average immigrant who moved to Miami from another state to work earned more than $101,000 a year by 2024, according to an analysis of Census data.
On the other hand, people moving to Miami from elsewhere in Florida earn less than $62,000 in annual income.
Middle-class jobbers earn cash
Among out-of-state workers who moved to Miami, Illinois residents saw the highest earnings, 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 career changers from these five markets tend to work in high-paying industries, including technology, finance, and real estate.
From the first to the third quarter of 2024, foreign workers received a total of $5.1 billion, providing a significant boost to Miami’s economy.
Regarding housing, Jones says the influx of high-income professionals from other states to South Florida is helping to drive demand for luxury homes, but he points out that the trend is adding pressure to local buyers.
Cororaton predicts that job migration could accelerate in 2026-2027 as Florida continues to attract professionals and companies alike with its business-friendly environment and low taxes, as New York City and California face potential tax increases.
Mayor of New York City Zohran Mamdani campaign to raise the city’s corporate tax from 7.25% to 11.5% and impose a 2% city income tax on anyone earning 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 will be approved by voters in November.
“For high-paid workers, the numbers matter,” Bozovic said. “And California and NY have both made it clear that progressive tax policies will be very hostile to money. The writing is on the wall.”
