According to a study from SmartAsset, in the past 3 years, Millennials (people between the ages of 20 up to 34) are moving out of Miami. This has created a negative net migration of this population group, meaning that more millennials are moving out of the city, compared to the ones moving in.
In 2018 in Miami, there was a net migration of -6,565 (4,305 moved in and 10,870 moved out), in 2019 it was -2,720 (3,252 moved in and 5,972 moved out), and in 2020 so far there has been a -3,632 net migration (2,736 moved in and 6,368 moved out). The interesting fact about this study is to understand why Millennials do not want to live in Miami?
The reason that comes to the top of my mind is due to a forced migration followed by high rental prices compared to wages. However, it is also important to keep into account, that Millennials leave Miami for their studies, but then decide to come back in the early 30s to actually practice their career.
Coming back to the pricing reason, some other less expensive cities in Florida like Tallahassee, Orlando, or Tampa are way more popular areas for Millennials that Miami. The appeals come down to prices, as all these 3 cities have cheaper living expenses that Miami.
The real estate market is not really being affected by this resettling, as Miami keeps being a top choice for older generations, that has maintained a strong market. The tax benefits and vibrant lifestyle keeps bringing local and international homebuyers in town.
The states that have suffered the most from a Millennials migration are New York that in 2018 has a -50,445 net migration (48,612 moved in compared to 99,057 that moved out), followed by Chicago with -7,939 (26,353moved in compared to 34,292 that moved out) and Washington with -5,346 (19,866 moved in compared to 25,212 that moved out). These overcrowded cities are losing the most Millennials in the U.S. in the past 3 years.