Young And Rich Are Flocking To Florida, IRS Data Shows

A new study shows that Florida is attracting younger people with high incomes more than any other state, according to CNBC.

The study by SmartAsset looked at IRS data from the 2021 tax year.

It narrowed down the population to include only the “young” and “rich.” That was defined as being between 26 and 35, and earning over $200,000 (only 2% of those in that age range met the income requirement).

The study then looked at those who had moved states during the year, and where they went to.

Florida had the highest net in-migration of young and rich of any state, with 3,391 moving here against just 1,216 leaving, for a net gain of 2,175.

California and New York where the biggest losers, with thousands of young and rich leaving those states.

 

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Luis
27 days ago

A big change from the Old and middle-income retirees that traditionally have been the largest inbound group. This is good for the long term health of the Floridian economy.

Anon
27 days ago

Exactly! We will finally get modern smart infrastructure and public spaces, because the old people sit on their rears all day at the membership club and have no clue how to run a city

Anonymous
27 days ago

That will be you in the not too far future.

Anon
27 days ago

I’ll gladly pass the baton if that’s me in the near future 😂

Anonymous
27 days ago

You hear about a big influx of wealthy people coming in, and all you can do is dream how to tax them and spend their tax money.

Anon
27 days ago

Nope, no more taxing, just how to wisely spend the money with innovative designs and systems that bring in sustainable revenue without completely forfeiting green spaces that incentivize growth, rather than paying for friends and family to do more of the same ole.

TJ.TJ
27 days ago

I’ve seen this data – Florida overwhelmingly leads the pack in inbound migration in nearly every group – it does skew rich though. Overall not sure it is a big change in terms of age.

Anonymous Atty
27 days ago

According to these metrics, I belong in this group. But in Miami, my $200k salary doesn’t make me feel that rich at all. :/

Miami4Ever
27 days ago

Welcome to Miami! Spend it all here!

Anonymous
26 days ago

More are moving here!

Chaim Weissman
27 days ago

A $200k income is not rich. A married NY cop and teacher make $300k.

Azure
27 days ago

Yeah and how much do they end with after all the taxes are taken out?

Sven
27 days ago

$200k for a 26-35 year old INDIVIDUAL is very good.

To be in the top 1% of income earners, a household needs $600k per year in the USA.

Neither the NY police officer nor the NY school teacher are making $150k INDIVIDUALLY if they are 26-35 years old.

And, as Azure pointed out, no matter what they make, they are paying NYC Income Taxes, and State of New York Income Taxes. That likely takes 17% out, when there are no City nor State income taxes in Miami, Florida.

Anonymous
26 days ago

Sven, you said 100k was not enough, and 200k is very good? So between 100k and 200k is where America is?

Anon
27 days ago

Okay so why all the Airbnb’s and no condos?

Chyneesha
27 days ago

Rich at the moment because instagram or onlyfans is blowing up. Enough for a MEGA EXPENSIVE car rental or airbnb rental. But that’s it.

Anon
27 days ago

Finally. Someone living in reality.

Anonymous
27 days ago

What did I do go wrong for six years of my life, when I could be making six figures if I who-are myself in front of a webcam all day?

Lol
27 days ago

Maintain your dignity and be respectable.

Sven
27 days ago

What is an Airbnb?

I thought that Airbnb was a website/App where condominium owners could offer their condominiums for rent like on the MultiListing Service, but not necessarily with a Realtor.

Anonymous
27 days ago

we need to beat other florida cities and attract these young and rich people. I hope developers move quickly and build all those towers like legacy,okan waldorf astoria, e 11even 888 brickell ,Mandarin residences Una residences,Cipriani ect.ect

Anon
27 days ago

Plus River District, Dream Riverside, One Southside Park, Sentral Brickell, Gateway Brickell, and all the others amazing modern developments coming to Miami!

Anon
27 days ago

Plus Ora, Lofty and One Brickell City Centre!!!

Sven
27 days ago

“We need”?
Did you read the TNM article or the link to the source article?

We need to beat other Florida cities….
People ARE voting with the their feet, and they ARE choosing Miami.

Anon
26 days ago

You sound like the old leaders who caused boom and busts. We NEED to invest in public improvements like beginning the riverwalk connection so that people actually stay and to avoid a bust – come on Sven you know better.

SkidroweDC
26 days ago

This isn’t quite ‘much ado about nothing,’ but put the numbers in context. A few thousand people out of FL’s 21M population isn’t a game changer. Same goes for the “losers” in this report: NY & CA continue, despite their losses, to have vastly more “young and rich” than FL has. The reason: NY & CA actually have the economic drivers (true finance, not just offshore-money-parking, and tech) which Miami has little of and the rest of the state has almost none of. A certain amount of those folks are working remotely in FL—including me, I love it here—and that speaks well for FL’s appeal. But, as it has been ever since Julia Tuttle founded Miami, real estate is the only serious local moneymaker.

MiMiami
27 days ago

Holy smokes. Where did I go wrong in my life?

Name*
27 days ago

That Ferrari with a Corvette shape is gonna have to hit the curb or wait for the car behind it.

Anonymous
26 days ago

i go to this website for the comments

305Brickl
25 days ago

I don’t think $200K is rich in Miami. Its a good income, but not “rich”

Anonymous
24 days ago

The large majority have “residency” here in order to not pay state taxes, but spend five and half months elsewhere.

Name*
27 days ago

We are the 2%!

Francis 'Crypto Bro' Suarez
23 days ago

Guy in the blue polo perfectly captures that demographic.

Anon
27 days ago

Yes they are onlyfans creators

Kitty W
27 days ago

Or they’re young doctors, lawyers, and other well educated high achievers. Let’s collab 😉

Anonymous
27 days ago

I’m a young lawyer and I love living in Brickell, Miami compared to other cities.

Anon
27 days ago

Good for you.

Anonymous
26 days ago

and yet you probably can’t afford a house, just a continual renter in Brickell till you move elsewhere to start a family… That’s the same as NYC and it’s not a good path to go down.

*NAME*
27 days ago

Call me lol

Anonymous
27 days ago

What’s with the Onlyfans obsession? Like one out of every 100 Onlyfans members can really make a living at it, and usually only for short term.

Anon
27 days ago

There was an article recently that shed light on the fact that Miami has by far the largest population of citizens making their living primarily from OnlyFans in the world.

Anonymous
27 days ago

yeah but the percentage of Miamians able to make a living via Onlyfans is very small.

Anon
27 days ago

The rest of their income comes from escorting.

Anonymous
27 days ago

What happened to all the male strip clubs? Life was better in person, before only fans.

calivalle
27 days ago

Got to pay the rent..

Painful Thumb
27 days ago

Do you have a source to this article to back up your claim?

Anon
27 days ago

Yes it’s by a publication called “Miami Today” perhaps you’ve heard of it.

“Miami’s demographics, party culture, and never-ending hunger for bare skin, borne out by its history in the X-rated media industry, are fostering a fertile market for adult content on OnlyFans.”

https://www.miaminewtimes.com/news/miami-is-the-onlyfans-capital-of-the-us-study-says-17094694

Sven
27 days ago

No. Absolutely wrong.

The Miami Today is a community newspaper with serious journalism and commentary.

The publication that you linked to is called the Miami New Times. The author doing the journalisming won the a college newspaper award in 2021. Naomi hasn’t been adulting very long.

Naomi references a “survey” from a men’s supplement manufacturer. Maybe there are a lot of Onlyfans content creators, maybe not. Regardless. I would not count on Naomi, The New Times, or this comment section to put together any thoughtful studies on the topic.

Anonymous
26 days ago

Creeper from Sweeden comin in hot.

Anon
26 days ago

It’s probably a Joe Carollo alias 😂

lolz
25 days ago

Lol imagine calling someone inexperienced while using the term “adulting” in the same sentence to sound like an authority figure.

Anonymous
27 days ago

Not only have I heard of Miami Today, but I’ve also heard of the Miami New Times. Better yet, I realize that you tried to name check Miami Today yet cited a Miami New Times article. I also know the two newspapers are entirely different publications.

Anon
26 days ago

Ugh you guys are just way too smart for me! You’re right. Miami is the epitome of class, education, and well-heeled individuals of all sorts. London and Boston are such dumps compared to this sophisticated, perfect city!

Anon
26 days ago

You got it right! Boston is for beer chugging common folks who shovel snow. Miami is for the intellectual class.

calivalle
27 days ago

Ohhh yassss

Sven
27 days ago

Do tell.
Is that percentage more than 1%?

Anon
27 days ago

It’s because they are on Twitter and have no lives.

Anon
27 days ago

It’s because they aren’t delusional and know they live in Miami: Vice City, the 305, a sunny place to meet shady people. This is Miami not London, of course this place is packed with drugs, prostitutes’, and porn stars. That is literally the reputation of this city. Cope.

Anon
27 days ago

No it’s not. Brickell is the second largest financial capital in the United Sates. This isn’t Tampa or dare I say it, Miami Beach. The City of Miami is more like London, Chicago, or NYC with a wealth of brilliant minds and cultural attractions.

Anon
27 days ago

“Like London”

lol ok man – whatever floats your boat

Ex-Londoner resident in 33132
27 days ago

It is NOT like London

Data
27 days ago

Brickell isn’t the second largest financial center in the U.S.; there is literally a study that ranks this “Global Financial Center Index”. Miami hasn’t made the list yet (hopefully soon), but in the U.S. it is NYC, LA, SF, and then Chicao

Real Data
27 days ago

Forbes:

Neighborhood To Watch: Brickell, Miami

“ Recognized as the second largest international banking hub in the country, Brickell, a vibrant Miami neighborhood, is continuing to rise in popularity among investors, restaurant owners and other entrepreneurial types.”

https://www.forbes.com/sites/rogersands/2023/08/28/neighborhood-to-watch-brickell-miami/

Data
27 days ago

Again, that is a Forbes opinion piece. Using an actual study, with actual Data, Miami doesn’t even make the list. All we have is Citadel, and they really haven’t even then their important employees remain in NYC and Chicago.

https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-33-explore-the-data/gfci-33-rank/

https://en.wikipedia.org/wiki/Global_Financial_Centres_Index

Anon
27 days ago

Sucks for whoever got left behind. They will come soon.

Anon
27 days ago

People here don’t like reality.

Anon
27 days ago

I’m glad Brickell has a booming financial industry. That still doesn’t make Miami “like London” lol

Anon
27 days ago

Miami is better than London wirh is cold gloomy weather dirty streets and poor food scene, unless your the King.

Sven
27 days ago

Brickell is a neighborhood that is small. Located in a city that is small.
There are more International Banks and more International deposits per sq ft than any other US city except NYC.

Anonymous
27 days ago

London isn’t on Budapest or Prague level of degeneracy, but it has all that too.

Pharma Guy
27 days ago

I am 32, work for a big pharma company as a scientist and I earn $350K. I just moved to Miami because it’s an amazing city, but I do work remotely so I would definitely appreciate more local high paying jobs. With that said, not everyone is an OF creator here.

Legally Miami
27 days ago

I’m an entrepreneur in legal services. I’d appreciate more local high paying jobs too, and more local in house counsels. They should all move here too.

Anonymous
26 days ago

Thanks guys, for moving down here and suggesting all the high paying jobs like your. Also thanks for potentially making thins much more unaffordable at the same time. Looks like youre just like the place you left behind.

Anon
27 days ago

Stop using your money on porn, your perspective is distorted lol

Anonymous
27 days ago

Porn is fun!

Anon
27 days ago

It’s damaging to your real sex life and mental health. We live in a city with the most affluent attractive single people in the world, looking for a romantic connection. You’re worth it – go out there and enjoy life and stop idolizing porn!

Anonymous
27 days ago

If you’re paying for it, you’re not using your money very wisely.

Anonymous
27 days ago

How are low taxes affecting somebody living in their parent’s garage or basement, paying no taxes, and rarely leaving the house except for clubbing on Sunset Strip or in Williamsburg?

Cover the Podiums
27 days ago

I made a post about this a few weeks ago. This is why you see so many buildings going up, yet we had 80,000 people leaving Miami Dade. Developers are catering to these folks only.

Anon
27 days ago

There’s plenty of affordable buildings outside the core, it’s not necessary to keep the core poor.

Anon
27 days ago

World class cities are teeming with all walks of life and all incomes. When you travel to world class cities in the U.S. and abroad, you see this. No one is suggesting keeping the core “poor”, merely attainable to most people (like other world class cities)

Anonymous
27 days ago

I would quibble with this. I am very well-traveled and one thing I always note wherever I go is that there are luxury neighborhoods where everyone there is obviously above middle class. Brickell is just that. It’s not intended for everyone. Miami-Dade County, on the other hand, is huge and there are plenty of places to be middle class.

Anon
27 days ago

It doesn’t seem you have been to many cities if you think they are comprised only of luxury neighborhoods.

Anonymous
27 days ago

I didn’t say that. I said in every place I’ve been there are always luxury neighborhoods. Miami is no different.

Anon
27 days ago

You clearly advocated for the removal of attainable housing (or “poor” in your words) from the urban core (Downtown, Brickell, Worldcenter, etc) – (“it’s not necessary to keep the core poor.”)

My rebuttal was that world class cities have a mixture of people in their urban core, which they do. You also seem to be under the impression that the Brickell neighborhood is somehow the entirety of Miami’s urban core – it is not. It is one neighborhood of many that make up Miami’s urban core.

Miami is a place for everyone! Lets be welcoming instead of exclusionary. Lets foster a community for all people, instead of just the super rich.

Economist
27 days ago

Choosing trickle-down housing economics means a brighter future for our neighborhoods! Focusing on top-tier buildings creates great opportunities. By building these amazing spaces, we’re not just making homes – we’re boosting jobs and our economy. More high-end homes mean lower prices for older ones, making nice living spaces more affordable. It’s not just about money; it’s about breaking barriers between rich and poor areas. Better living spaces and new developments improve our whole community for everyone. Let’s support this approach for a fairer, vibrant neighborhood where quality living is for all.

Anonymous
27 days ago

What removal of attainable housing? It doesn’t exist, and where it does or is being built, you don’t want to live there because it doesn’t have direct Metromover access for you spend over half your paycheck at an overpriced establishment that’ll be gone by the end of the season.

Anon
27 days ago

Brickell is a small neighborhood in the city of Miami. It is not in and of itself a city, no matter how much you guys want to erase Miami and replace it with Brickell.

Anon
27 days ago

Yes, but those cities have robust high-end areas beyond just a small area like around Brickell City Centre, first we need to lift up all of Brickell and surrounding neighborhoods to be top class, and those other low-income areas in the peripherals will flourish in tandem.

Anon
27 days ago

If you want the core to be flourishing with more income levels, you need to add more robust wealthy walkable enclaves that all extend and connect to the central hub Brickell City Centre. Different income levels will flock in to be a part of that progress. If you do the reverse and try to add low-income areas in the core, it will just have the reverse affect… the wealthy will flee, and the low income will follow.

Anonymous
27 days ago

He doesn’t want to live in “those” place or neighborhoods while saber rattling for the plight of the proletariat.

Anon
27 days ago

You don’t need to DEVELOP low-income affordable housing. You develop TOP class new infrastructure, and the older dated buildings become affordable in time. That is the natural progression of development. You don’t develop poor. You develop better and push the bar forward.

Anonymous
27 days ago

This!!! Why can’t everyone understand this simple point?

*NAME*
27 days ago

Because it’s not remotely accurate. Show one case study of an example of trickle down housing, a concept you just made up.

Anonymous
27 days ago

It’s just common sense through shared experience. Don’t make us waste more tax money on another study to state the obvious.

Economist
27 days ago

Check Zillow. Older units cost less to rent, while newer units come at a higher price. Much of Miami appears rundown due to hastily constructed, low-cost housing. This approach hasn’t yielded great results. Instead, let’s invest in high-quality housing that doesn’t require frequent replacement.

Anonymous
27 days ago

Maybe developers should be denied building boxes with the worst facades, massive parking pedestals or parking garages on separate plots of land, which replace prewar apartment buildings that were high-quality and clearly stood the test of time. Miami21 was supposed to encourage infill traditional-style development, and instead we get more vertical suburbs, one waiver at a time.

Anonymous
27 days ago

I am living proof. I live in an oceanfront condo that was the high end of the neighborhood back when it was built 45 years ago. Now it’s at the bottom end and a low 6 figure shlub like myself can now afford to live here.

No road, No rail, No future
27 days ago

Because you are living in ignorance of the realities that this is not true. Older buildings become MORE expensive due to the massive repairs required. So “regular” people STILL cannot afford older buildings, specially post-Champlain Towers. There is a massive crisis brewing where thousands upon thousands cannot afford the repairs and then what. On top of that, this is not a free market as you seem to suggest. Top class infrastructure is developing while ZONING laws by the wealthy both in suburbia and downtown are being passed to curtail density. The entire system is completely stacked against normal people and you guys are clapping about that. Ridiculous. That doesn’t mean I think low-income subsidized housing is a solution either, it isn’t on a large scale. But to suggest there is an invisible hand at work here is a stretch even in the most liquid of markets, it is beyond pathetic to suggest in a very illiquid and completely regulation overloaded market like real estate and condos.

Anon
27 days ago

Yeah older buildings cost more to repair and keep modern, so they are cheaper to buy and rent, making them more affordable. That’s why we need to build better quality buildings that last longer.

No road, No rail, No future
26 days ago

And where is the evidence of these new buildings being better quality? For the record, I own a unit in one of these luxury condos, and the AC gave out after 8 years, a couple of pipes gave out after 10. Found out that in order to rush the building to completion they decided not to wait on the better materials and boot-legged some stuff from China or whatever. What’s good about allowing just luxury if no one (either in the private sector or government) are severely enforcing quality and regulations? There is no evidence that any of the new buildings all over town are respecting quality and standards just because they are so-called TOP class…

No Name
25 days ago

Anyone downvoting this either doesn’t live in some of the newer buildings, doesn’t know anyone who’s lived in the newer buildings, or doesn’t pay attention to the local news. Some of these newer buildings, especially ones with pools, have issues.

No Name
25 days ago

I just moved out of a building in Edgewater built in 2010 that has Champlain level structural issues. Don’t assume everything built within the last 13 years is of a better quality. Look at Paraiso; the garage floods easily and that was built in 2018.

Sven
27 days ago

There is no invisible hand?

Next, you are going to write a 250 word essay about how there is no Gravity, followed by there is no Supply and Demand.

No road, No rail, No future
26 days ago

There is no invisible hand. Certainly not in real estate. This country has an enormity of land available both unused, and also in densely populated areas, yet it takes 40-50% of average people’s salaries to afford on. A true free market would have had a correction of that long ago. Yet it isn’t happening. Either your invisible hand has dipped on a long sabbatical or it just doesn’t exist, either outright or due to all the rules and shennanigans going on.

Anonymous
27 days ago

First and foremost, the land and location dictate the price of real estate. You can have a sprawling one story shack from 1960s on the water in Belle Meade for the same price as a zero-lot line McModern s**tbox in Doral. It’s assumed the buyer will knock down the later for something else, and chances are if it gets sold again within the next ten years, be replaced again.

Anon
27 days ago

Not when the entire city is valuable and land is limited, then it’s which building is newest, nicest, closest to transportation, and has the best street level interaction.

Anonymous
27 days ago

Waterfront per square foot is always more valuable—the 3 rules of Miami real estate: Location, Location, Waterfront.

Anon
26 days ago

All of Miami is waterfront. Where you can go to the roof and see the water your rooftop waterfront. You’re slogan is obsolete and narrow minded.

Sven
27 days ago

It is more simple to say that supply and demand dictate the price of real estate.
The Four Ambassador condos are old and junky, yet on the waterfront.
The Plaza is much much less old and not so junky across the street and not on the waterfront.

Four Ambassadors has a better location, and better land, but Plaza costs/is worth more.

City Market
27 days ago

And Flat Iron is further inland and more more valuable than Plaza, and will be followed by new state of the art One Southside Park a little more inland which could be even more valuable.

No Name
25 days ago

My boy, there are houses that look beyond blighted in Hialeah selling for a million. The Herald posts stories about it on their Twitter all the time. Sure, it might be cheaper than an equally blighted house or vacant lot that’s water front in Belle Meade, but that doesn’t mean the price of the Hialeah price is based on any real market value. The Herald also posted a story recently about how Miami-Dade is one of the most overvalued housing markets in the country.

Anonymous
26 days ago

Fake stat, it turns out that stat was way off. Proven to be wrong, and over 200k Cuban Immigrants moved to Miami in the same time that were never counted.

Jay
24 days ago

There’s no choice. Between the increased construction costs, land costs, insurance costs, and interest rates, it’s impossible to build anything you can rent for a reasonable amount. Developers would prefer to build moderate priced housing — it’s much less risky and there is demand for it — but the current market conditions have made it impossible

NoNameName*
27 days ago

Hopefully they don’t flock here escaping blue city nightmares to vote for the same DemonRats that they ran away from.

Anonymous
27 days ago

But how will we get all dem programs, gender inclusive safe spaces, and plastic straw bans…-I mean INFRASTRUCTURE!

Anon
26 days ago

Ok Ron. Go back to work and stop saying woke.

Nikk Haley for President!
26 days ago

Nikki Haley for president! Everyone loves her. She’s smart, strong, reasonable conservative policies and schools all the immaturity coming from the other dudes like our out of touch gov.