Miami, once the eighth most popular retirement destination in the United States, has plummeted to 168th place in a recent study by financial advisor SmartAsset. The dramatic slide has prompted speculation about the end of the ‘snowbird’ era, yet the city remains the top choice for retirees overall, according to a separate analysis of 2023 government data.
The drop coincided with a surge in wealthy newcomers. The number of millionaires and billionaires in Miami grew by 75 per cent over the last decade, driving up living costs. By 2023, the cost of living in the city was well above the national average, with housing prices rising about 40 per cent since 2019 and car insurance up by 24 per cent. Homeowners insurance costs nearly doubled.
Political factors may have also played a part. Governor Ron DeSantis’s adversarial stance on issues such as LGBT rights, Black history, and vaccines has been cited as a potential deterrent. However, no clear cause has been established for the changing patterns.
Despite these challenges, Florida’s overall migration continues to grow. The Florida Chamber of Commerce noted that the rate of population inflow has been increasing steadily since 2017. For many New Yorkers, the Empire State’s top loss of retirees continues to feed Florida’s gain, with the Miami-Fort Lauderdale-West Palm Beach corridor leading the list.
Financial benefits, though diminished, remain significant. A $100,000 salary in Manhattan yields savings of $37,166 per year by moving to Miami, down from over $51,000 four years ago. The absence of state income tax and a generally lower cost of living still attract retirees, even as expenses rise.
Nicolas Dumas of Retirement Planning Group noted that many retirees are still moving out of state, and Florida remains a prime destination. With over 72,000 residents aged 65 and over, Miami’s status as a retiree haven seems secure, despite the shifting economic and political landscape.
