WRE News: Miami Experiences First Drop in Population in Decades

Miami, FL – August 1, 2023 – Miami, once a global hot spot with ambitions of becoming a business and financial hub, is facing a concerning trend as more residents are leaving than coming in.

Between 2020 and 2022, Miami-Dade lost 79,535 people due to net migration to other parts of Florida or different states, marking the county’s first population loss over a multiyear period since at least 1970. Surging housing costs and a challenging labor market are driving many locals away from Miami

The city is experiencing an economic boom with numerous construction projects and a lower unemployment rate compared to the national average. However, it risks following the paths of cities like New York and San Francisco, where high-paying jobs raised the cost of living, pushing many working and middle-class residents to seek more affordable places to live.

High housing costs and limited public transit also contribute to the challenges Miami faces in attracting and retaining talent. Despite the surge in new companies, many of them open small offices with few employees or focus on cryptocurrencies, a market that has seen a downturn.