Miami Sees Its First Population Drop in Decades (Miami Beach, Mayo: middle-class, real estate)

[MiamiLIFE]

High cost of living and wages not keeping pace have driven a bunch of folks out of town. This is going to be a challenge for Miami as she continues to grow.

https://www.wsj.com/articles/miami-s...d=hp_lead_pos9

[Corrie22]

but just last year it was the complete opposite....

More people are moving to Miami than most major metro areas in the U.S.

What's happening: Miami experienced the largest increase in people moving in from before the pandemic.

We saw gains of nearly 60% in 2022 compared with 2019, per a new report from the National Association of Realtors.

https://www.axios.com/local/miami/20...oving-pandemic

...you know, they are never clear about this....are they talking the City of Miami? Miami/Dade? or Miami Metro

[CXT2000]

All of MDC lost people, which is something I've said for years on here, all the boasters hated me.... now in the end, I was once again right. The city of Miami gained 7K people, elsewhere bled people, nothing new, nothing surprising.

Low wages, high COL,Property Taxes, Insurance rates. You don't get your money's worth in Miami, and this is further proof. The middle class is leaving in droves, leading to brain drain, again.

[Corrie22]

guys you're looking at a 3% drop....over 3 years....I don't think anyone will miss them out of over 2 1/2 million

[MiamiLIFE]

Originally Posted by Corrie22

guys you're looking at a 3% drop....over 3 years....I don't think anyone will miss them out of over 2 1/2 million

I am not bothered at all. Just sharing content on Miami. Makes sense to me after the COVID boom that some folks would leave. It is interesting to me that the population loss is due to cost versus the other major metros in US that lost population were due to high taxes, crime and quality of life issues. Like this...

https://www.dailymail.co.uk/news/art...-not-over.html

[Corrie22]

covid was probably the main thing....companies figured out some of this remote working....wasn't working...and are now requiring employees to spend a certain amount of time back in the office

remember they were blaming the ”boom” on employees being able to remote work...so they moved to Miami

[masonbauknight]

Originally Posted by CXT2000

Low wages, high COL,Property Taxes, Insurance rates. You don't get your money's worth in Miami, and this is further proof. The middle class is leaving in droves, leading to brain drain, again.

Add to that Miami's signature landlord greed, widely reported across the media. I've never read or heard of any other US city where landlords can automatatically raise rents by 25%, 35% after the tenant has been living in an apartment for just a few months. (The Miami-Dade government only recently allowed affected tenants 60 days to move out -- previously, tenants were forced to vacate by the end of the month.) I've also never read of a US city other than Miami where landlords have noticed a tenant's mail from the state unemployment office -- or from Medicaid or other social agency -- and immediately began eviction proceedings against the tenant (who still paid rent on time).

Where I live, one-year leases are standard even in unregulated housing, and in those unregulated units, landlords/managers tell tenants up front exactly what their rent increase might be at the end of the lease. Recent stories in the Miami Herald re middle-class workers and retirees with incomes less than 100K per year have been pretty sad. I had already read how impolite Miamians can be toward strangers ("unless you're young, female, and rather gorgeous" was the quote). Miami is a Latin American city, after all.

[elchevere]

Interesting article. Couple of thoughts:

1. 79,000 residents (3%) fleeing is no different than the weeding out of college freshmen in a Pre-Med class. Not everyone who wants to become a doctor can or does; not everyone who wants to live in Miami can. As I have suggested for years now, Miami real estate finally caught up with other, premium priced coastal cities. How many year round, warm weather, beach front cities with similar amenities exist in this country….one other? People do pay a premium for this. Covid accelerated this big time.

2. I hardly think 3% leaving speaks for the remaining 97%. I’ve not seen a decline in amenities or QOL; if anything, I see more than I did when I moved here several years ago.

3. I give credit to the middle class people who have moved away. Rather than staying put, possibly facing eviction and creating homeless tent cities including in the middle of nicest areas of Miami and Miami Beach—as exists in several other cities in the USA—they had the common sense to move to more affordable cities that better align with their income.

4. Besides middle class Americans leaving, Miami now needs to compete more with other Latin American cities for wealthy Latin American immigrants than in the past. Madrid stands out as one of those cities, by offering more value v Miami (outside of the Salamanca neighborhood) and feeling more like back home.

5. The article also highlighted what I pointed out in another thread—a number of other cities have more corporate HQ based jobs that number in the thousands vs the presence of smaller sized satellite outposts here that employ 25, i.e. much fewer.

[Corrie22]

^ exactly

[CXT2000]

Originally Posted by elchevere

Interesting article. Couple of thoughts:

1. 79,000 residents (3%) fleeing is no different than the weeding out of college freshmen in a Pre-Med class. Not everyone who wants to become a doctor can or does; not everyone who wants to live in Miami can. As I have suggested for years now, Miami real estate finally caught up with other, premium priced coastal cities. How many year round, warm weather, beach front cities with similar amenities exist in this country….one other? People do pay a premium for this. Covid accelerated this big time.

2. I hardly think 3% leaving speaks for the remaining 97%. I’ve not seen a decline in amenities or QOL; if anything, I see more than I did when I moved here several years ago.

3. I give credit to the middle class people who have moved away. Rather than staying put, possibly facing eviction and creating homeless tent cities including in the middle of nicest areas of Miami and Miami Beach—as exists in several other cities in the USA—they had the common sense to move to more affordable cities that better align with their income.

4. Besides middle class Americans leaving, Miami now needs to compete more with other Latin American cities for wealthy Latin American immigrants than in the past. Madrid stands out as one of those cities, by offering more value v Miami (outside of the Salamanca neighborhood) and feeling more like back home.

5. The article also highlighted what I pointed out in another thread—a number of other cities have more corporate HQ based jobs that number in the thousands vs the presence of smaller sized satellite outposts here that employ 25, i.e. much fewer.

1. 80K leaving is substantial, especially since it's accelerating yearly. All the media (and forum) hoopla of Miami being a fast growing city for all, come here to live, play, work, it's a utopia... all that is thrown out the window.

2. Honestly, the article even says people with $150K incomes are struggling... If you think that 97% agree with Miami having better amenities and better QOL and that they all have access to it/don't want to leave.... You are in the worst Brickell bubble I've ever seen. The amount of people who want to leave but can't due to family or financial constraints is through the roof, and I bet if they had the option to leave, they would. There's nothing unique about Miami's offerings, you can find more and better in other cities (outside the beach, of course)

3. Miami's homeless population grew by 20% last year (and went up this year), they also withhold the real number of homelessness or the amount of families and people who are one paycheque away from being on the streets, or all the migrants who are homeless. I do enjoy this whole turning the blind eye approach Miami has to homelessness. They just fabricate numbers, penalize the homeless, try and push them away but more and more come.

4. Agree, Miami is a good city for a satellite office and not necessarily major HQs. They definitely lucked out getting Citadel, but the CEO is from Florida and is a right-winger, probably got bribed by the mayor too, knowing him. The crypto boom and bust was hilarious to witness, Miami lost a ton of HQs and Tech CEO's who moved to Miami from SoCal moved back. They have satellite offices in Miami still, but hiring and expansion has been scaled back or cancelled altogether.

As someone from WSJ put it, "Miami isn't a real boomtown, it's more of a humid, low-wage version of SF: a city for the rich and losing its middle class".

No-one gives a flying **** on what new shops or restaurants open up in Miami now, since 80% can't afford it. Imagine making $150K in a city and in a state with ZERO income tax and still struggle? Yeah, the future is bleak there.