The Miami-New York City Market Synergy

Every city in America has something different and unique to offer. New York City is one of the most desirable places to live in the country. It is a hub of culture and commerce, with endless business opportunities, top-notch entertainment, and one of the best food scenes anywhere. But for some, the appeal of New York doesn’t match the appeal of other major American cities. One city, in particular, that is seeing a high concentration of residents from New York packing up and heading over is Miami.

Overall, Miami and Florida have seen a massive number of people head over throughout the pandemic, not just from New York. According to Islander News, 330,000 people moved to Florida between April 2020 and April 2021, which made it the top destination for relocating Americans at that time. A significant percentage of those people headed to Miami, and many came from New York.

According to West Palm TV, there was a substantial surge in New Yorkers getting Florida driver’s licenses. From September 2020-March 2021, there were 33,565 New Yorkers that got Florida driver’s licenses. This marked a 32% increase from the same period the year before. This substantial increase is a significant deviation from the norm, showing this migration isn’t a coincidence; it is a real trend.

What is driving the trend of New Yorkers heading to Miami and other nearby Florida areas? Put simply, the pandemic has led to massive changes in what people prioritize in the places they live. While New York City has so much to offer residents, the high cost of living is a serious concern. Miami isn’t a cheap city, but compared to New York, it is significantly more affordable.

New York City also had significantly more stringent pandemic responses that may have left some residents disillusioned. Being quarantined isn’t fun anywhere, but quarantining in a small New York condominium with sky-high rent prices while dealing with a frigid winter is not ideal. This experience may have given New Yorkers a desire to spend their time elsewhere, especially with work from home as an option.

While not every company allows for work from home full-time, there are now more remote workers in the American workforce than ever before. Many people lived in New York to be proximate to their workplace, but with that no longer necessary, many residents likely decided to pack up and head somewhere warm, cosmopolitan, and more affordable. Miami provides all those things.

According to Rent Café, the average rent in Manhattan is $4,265, and the average apartment size is 702-square feet. In Miami, the average rent is $2,132, and the average apartment size is 887-square feet. That means New York City residents are paying double the rental cost for smaller apartments. While this is written off as a necessity when the companies people in the city worked at required them in-office, people had the freedom to look elsewhere with work from home.

Naturally, people would look to Miami as a great option. Miami is Florida’s biggest metro area, a stunning city with white sand beaches, luxury homes, and top-notch shopping and restaurants. It is significantly more affordable than New York or Los Angeles, with no state income tax. The weather is perfect throughout the year, there weren’t stringent pandemic measures taken, which appeals to some, and it has recently seen its economy surge.

Miami Mayor Eugenio Suarez has received national acclaim for focusing on bringing business to Miami. He’s appealed to tech companies, added incentives for businesses, and has set to work on building Miami’s reputation as a regional commercial hub. It appears to be working, as companies like Spotify, Microsoft, and Uber are opening offices in the area.

This all isn’t to say that New York has lost its appeal. New York City remains a top American city, just as desirable today as before the pandemic began. The population of Manhattan declined in 2021, but New York’s economy has rapidly recovered, and the city is back to full strength. However, many residents have headed to Miami as an affordable cost of living, beautiful settings, and increasing economic opportunities beckon.