Miami's population declines for the first time in more than 50 years

Miami-Dade County (Florida) experienced a decline in population for the first time since 1970. According to a study conducted by the Brookings Institution, using data from the Federal Reserve Bank of St. Louis, a total of 79,535 residents migrated to other regions of the state or elsewhere in the country between 2019 and 2022.

Miami-Dade's population loss is the exception to the rest of Florida, which - as a whole - attracted more residents in 2021 and 2022 than anywhere else in the nation. And one of the main reasons citizens chose to move out of the county is rising housing prices.

A recent LinkedIn study revealed that the top destinations for people moving from Miami are Orlando first, followed by Tampa Bay, Atlanta and Jacksonville. Almost all of these cities offer more affordable housing and still have a pleasant warm climate and low taxes.

Home prices increase by more than 53%

Although Miami's unemployment rate is one of the lowest in the nation, high housing costs do not offset citizens' gains. House prices soared 53% since 2020 and a home currently has a median value of $500,000 (up 8% over 2022), according to Zillow.

Rent also reflects a considerable increase (27%) from 2019. And according to a CoStar, 61% of renters spend about 30% of their salary paying rent on their housing.

Last year, a housing crisis was declared in Miami-Dade and several initiatives were launched to address the situation. One of these was enacted by the state's governor, Ron DeSantis, with a rule - known as the "Live Local Act" - created to encourage builders and developers to manufacture affordable housing in Florida.