In an eye-opening trend, a net of 30,000 New Yorkers made the leap to Florida's luxurious Palm Beach and bustling Miami-Dade counties over a five-year span ending in 2022, packing up a staggering $9.2 billion in income along with their belongings, as revealed in a recent report by the Citizens Budget Commission (CBC), a nonpartisan fiscal watchdog.
This migration isn't just a casual relocation; it's a significant shift in wealth and demographic dynamics, with both counties welcoming an influx of high earners. The report shows that nearly 20,000 individuals, boasting a per capita income of around $190,000, found new homes in Palm Beach, while Miami-Dade attracted over 26,000 residents, each averaging a dazzling per capita income of approximately $266,000.
What’s driving this mass exodus? The COVID-19 pandemic has undoubtedly played a pivotal role, alongside rising living costs and various quality-of-life issues that have nudged some New Yorkers to seek greener pastures. States like New Jersey, Florida, California, and Pennsylvania have seen a notable uptick in residents from New York, according to the CBC data.
Andrew Rein, president of the CBC, emphasized the importance of quality of life and public safety in retaining residents: "Our competitiveness depends in part on quality of life and public safety. That’s the value proposition. If you feel safe and you enjoy your life, you’re going to want to be here."
However, it’s not just a one-way street. While many New Yorkers headed to the Sunshine State, nearly 138,000 opted for a shift to New York’s Long Island, significantly impacting the city’s adjusted gross income, which dropped by a whopping $11.1 billion. Westchester County also saw a boost, gaining almost 60,000 new residents and further reducing the city's income by $5 billion.
Interestingly, despite New York's millionaire count ballooning from around 36,000 in 2010 to nearly 70,000 in 2022, the state’s share of the nation’s millionaires has actually dipped. In 2010, New York was home to 12.7% of the country’s millionaires; by 2022, that figure had plummeted to 8.7%, as states like California, Texas, and Florida have become increasingly popular among the wealthy.
The migration of New York’s affluent class has stirred political debates, especially since the top 1% of the city’s taxpayers contribute a staggering 40% of the income taxes.
The CBC's analysis also sheds light on the demographics of those leaving, revealing that the highest earners and millennials born in the 1980s and early 1990s have been at the forefront of this population decline since 2018.
Yet, there is a silver lining: New York City’s overall population saw an uptick in 2023 and 2024 after six years of decline, buoyed by a wave of international migration, the CBC reports.
This evolving landscape of migration and demographic shifts paints a complex picture of New York's future, as the city grapples with the challenges and opportunities presented by its changing population.
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For more insights into lifestyle and fashion trends, don't miss our previous posts like Hailey Bieber's Bold Bikini Styles and Olivia Dunne's Epic Vacation Looks.
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