It was only a couple of years ago that a record number of high-earning New Yorkers fled the Big Apple . Oh, how the times have changed. In 2022, approximately 545,000 New York City residents packed their bags and moved to other parts of the country.
A whopping 90,000 New Yorkers headed south to Florida , according to census data. As of last month, the state’s population had swelled to over 23 million, and each year has been adding anywhere from 350,000 to 375,000 new residents over the last decade. However, a new report from real estate platform PropertyShark has revealed that well-to-do Floridians have begun to reverse course and are moving north again in increasing numbers.
The study analyzed residential sales recorded in the first half of 2024 and found that Sunshine State residents are the leading buyers of luxury homes in New York City. So far, they’ve already splashed out a cool $150 million on homes across the city that are worth $3 million or more. On a broader scale, Floridians spent a combined $315 million on New York City real estate and accounted for 219 sales between the months of January and June of this year.
By contrast, in 2014, there were 189 transactions by Florida buyers. “The city’s luxury sector saw the number of out-of-state investors grow in the past 10 years, increasing from 13 percent of closed deals to nearly 17 percent,” the report said. “Among them, Floridians represented the most active cohort of out-of-state luxury buyers.
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