Miami-Dade County lost about 67,000 residents from 2023 to 2024, according to a recent study by Redfin Real Estate.
The two main factors cited for relocation were cost and flooding from hurricanes and major thunderstorms.
Redfin and local agents cited several factors as contributing to the spill.
Flood and Climate Risk: Miami-Dade ranks in the top 10% of U.S. counties for residential flood risk, with approximately 36.3% of homes facing high flood risk. Rising insurance costs and homeowner costs: One Miami real estate agent said homeowners insurance has increased from less than $2,000 two years ago to $6,700 a year, while flood insurance premiums have increased from about $400 to $1,250. High Cost of Living and Housing: Miami’s growth and popularity during the pandemic has led to rising housing and maintenance costs, making the city of Miami unaffordable for many residents. Rapid migration corrections during the pandemic: Some out-migrating residents may have moved during the pandemic boom and are now returning to their previous state or reconsidering the trade-offs between cost and quality of life.
Although Miami-Dade’s domestic outflow is rapidly increasing, the county’s overall population is still growing by approximately 2.3% in 2024, driven by international migration (estimated net international inflow of 123,835 people). Outmigration trends are rapidly accelerating, with Miami-Dade’s net outflow increasing from -50,637 people in 2023 to -67,418 people in 2024.
For Miami’s urban planners and policymakers, this trend signals vulnerabilities in the city’s attractiveness as a migration destination, especially as climate risks, affordability, and insurance costs increase.
For the real estate market, the outflow could signal a cooling in demand from out-of-state buyers or a shift in preferences toward locations with lower costs and risks.
