Miami’s new residents have higher income and a better education than those they replace, according to a new study.
Census data of domestic migrants to and from the Miami-Fort Lauderdale-Port St. Lucie, FL Combined Statistical Area during the 2005 to 2016 period was analyzed by Buildzoom economist Issi Romem.
Overall, the median household income of those migrating into Miami was $47,849, compared to an income of $40,427 of those who left Miami for elsewhere in the U.S. The difference was $7,422, which on a percentage basis was among the highest of any major area.
Arrivals to Miami were also better educated, with 42.74% of a heads of households having at least a 4-year degree. Of those migrating elsewhere, just 37.4% had a degree.
New arrivals were also more likely to be homeowners (31.15% compared to 27.27% for those leaving.)
The age of domestic arrivals was higher at 46.78, compared to 44.15 for those leaving.
Overall the Miami CSA grew from 5,962,227 in 2005 to 6,764,075 in 2016, or 13.4%.