New York City Skyline with Statue of Liberty In View – Courtesy: Shutterstock – Image by shutterupeire
According to a MovingPlace analysis released this month, residents of New York City (NYC) have been migrating in large numbers to Florida in what academics have labeled a “affordability exodus.”
The report comes as opponents expressed concerns and progressives applauded Democratic Socialist Zohran Mamdani’s election as mayor of New York City.
“Critics immediately predicted an exodus of wealthy residents when Zohran Mamdani announced his candidacy for mayor of New York City with proposals to tax high-income earners and provide services like fare-free buses,” researchers stated. “The information presents a more complex picture.”
Many detractors predicted that wealthy New Yorkers would leave after such policies, however according to MovingPlace’s data, fewer high-income residents left after Mamdani’s primary victory than previously (a difference of about 1% year over year).
WHO IS LEAVING NYC, REALLY?
Most of the following groups departed the city between May 2024 and October 2025:
15,552 people who earn more than $201,000 a year
164,249 people with lower incomes (earning less than $200,000 a year)
According to the report, “that’s more than ten times as many lower-income residents leaving compared to their wealthier counterparts.” “Regardless of political leadership, this disparity raises important questions about who can actually afford to stay in New York City.”
Researchers have discovered that many finance jobs and chain retail establishments have departed the city in recent years, even if there aren’t necessarily more wealthy residents escaping.
This raises the possibility of a paradox: New York City may encounter a more difficult financial equation if lower-income citizens are relocating while high-paying jobs are leaving.
A declining middle class to fill the gap, more citizens in need of services, and fewer companies producing the tax income to pay for those services.
Where are they all going, according to MovingPlace’s “NYC Migration Report: The Affordability Exodus”?
As it happens, the Sunshine State is the most popular destination for people who are escaping from New York.
More people migrate to Florida than any other state in the US, according to MovingPlace, with almost 17 percent of NYC residents leaving the city.
According to the research, “the advantages are clear: no state income tax, reduced cost of living, pleasant weather, and increasingly a strong job market in cities like Miami.”
The survey also identifies the best places for New Yorkers to relocate outside of the Big Apple.
As it happens, three Florida metro regions are among the top ranked: Tampa (No. 12), Orlando (No. 11), and Miami (No. 2).
FOR FLORIDA, WHAT DOES THIS MEAN?
More than 71,000 residents of the Empire State relocated to Florida in 2023, according to the most recent federal data, so New York City isn’t the only target here.
Additionally, they are one of the approximately one million people who relocated to the state in that same year.
According to the state’s Demographic Estimating Conference, inbound migration to Florida has been so strong that, for the first time in its history, the state’s population surpassed 23 million last year.
According to UCF economist Sean Snaith, this massive migration to Florida is also expected to boost the state’s GDP and job growth.
Snaith forecast that Florida would continue to cruise at a greater altitude than the rest of the nation. “That’s because we’re moving forward thanks to the ‘twin engines’ of a strong labor market and population growth.”
More jobs are being developed to accommodate the requirements and desires of the retirees who make up a large portion of the population relocating to Florida, Snaith explained.
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Melissa’s career in writing started more than 20 years ago. Today, she lives in South Florida with her husband and two boys.
