More millennials are leaving Miami than moving in, study finds
More millennials are leaving Miami than moving in.
That’s been the case for the past three years, according to a study recently published by the personal finance website SmartAsset.
The report, based on U.S. Census data and migratory patterns in 2018 and 2019, looks at individuals ages 20 to 34. “Where millennials are moving — 2020 edition” found that Miami ranked No. 5 for one of the biggest net losses compared to 217 U.S. cities in 2018. In its 2020 data, the study looked at the ages of 25 to 39.
The results: In 2018, 4,305 moved in, 10,870 left. In 2019, 3,252 moved in, 5,972 left. Thus far in 2020, 2,736 moved in and 6,368 have left.
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“If you were telling me those in their 30s were leaving, I would be surprised,” said Nancy Klock Corey, regional vice president of Coldwell Banker Residential Real Estate’s Southeast Florida region. “But most young people in their 20s do leave for college. That’s been the story of Florida for years. Most come back because millennials are entrepreneurial and Florida is an entrepreneurial type of state.”
The study did not analyze the drivers behind the migratory patterns. Brain drain and its economic impacts have concerned local leaders for years. Miami’s high housing costs relative to wages and traffic issues are often cited as a source of frustration.
“Employment is another factor,” noted Corey. Professionals searching for careers in academics, media, medicine or publishing often gravitate toward the northeast.
While states like Florida without income tax are a magnet, Orlando, Tampa and Tallahassee are more popular with millennials than Miami, according to SmartAsset spokesperson Mark LoCastro. All are less expensive than Miami.
Other large metros are also losing millennials. According to the study, New York had the greatest net outflow (50,445), followed by Chicago (7,939), Washington, D.C. (5,346) and St. Louis (4,866.) “Highly-populated cities like San Diego and Chicago have also consistently ranked among the cities losing the most millennials,” LoCastro wrote via email.
But the millennial outflow isn’t affecting the real estate market, said Corey. There was enough interest from other generations, and even from older millennials in their 30s looking to buy, to maintain the market strong prior to COVID-19. Besides weather, Realtors said in late 2019 that tax flight drew an increased number of out-of-state buyers to South Florida.
And in recent weeks, she said, “We are busier than we’ve ever been. There’s pent-up demand. We are slammed with showings on properties and interest for homes in all price ranges.”
This story was originally published June 15, 2020 at 7:00 AM.
