Significant migration uptick brings economic boom to South Florida
An analysis of migration data from 2020-2021 showed that Florida has seen a significant increase in the number of people moving to the state, resulting in a net rise of $16 billion in household income. This growth, driven primarily by sustained migration and job growth, has bolstered Florida’s housing market against the backdrop of increasing mortgage rates.
In 2021, Florida saw a net movement of 128,228 households (accounting for those who moved in and out). The total influx marked a considerable rise compared to the previous years, with the state welcoming 61,873 households in 2019 and 81,401 in 2020. The average income of new Floridian households ($149,200) exceeded the average income of those who relocated out of the state ($72,070), leading to a net adjusted gross income inflow of $39.2 billion in 2021.
When examining specific regions within the state, Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie counties recorded an increase in migration from 2019 to 2021. A 17% rise was noted from 2019 (141,056 households) to 2021 (165,676 households). Broward County, in particular, saw the largest influx of households, with the number rising by 11% from 2019.
Analyzing the origin of these new households, significant numbers migrated from Kings County, New York, Cook County, Illinois, Queens County, New York, and Harris County, Texas. Miami-Dade County welcomed 45,430 new residents in 2021, marking an increase of 15% and 20% from the numbers in 2020 and 2019, respectively.
In terms of aggregate gross income, the total reported by new households in these five counties was $28.8 billion in 2021, a significant increase from the previous years. Miami-Dade County saw the largest influx of aggregate household income with a reported total of $10.4 billion, contributing to 36% of the overall household income across the five counties.
Furthermore, Miami-Dade experienced a net gain in aggregate household income of $6.4 billion in 2021, a stark increase from the net gains of $0.9 billion in 2020 and $0.5 billion in 2019. It was also noted that the average income of households moving into the county was higher than those moving out, with the average adjusted gross income of new households in Miami-Dade County being $229,300 in 2021.
The average income of new households varied across the counties. Those moving to Palm Beach County had the highest average adjusted gross income of $242,200, followed by Martin County at $167,800. In contrast, St. Lucie County reported the lowest average income of $68,900 among the new residents.
