Over the past decade, Miami has seen an influx of millionaires, surpassing all major U.S. cities except the San Francisco Bay Area. This surge in wealth has resulted in a significant outflow of approximately 135,000 residents, particularly young adults from their 20s, due to soaring housing costs and limited job opportunities. Many young professionals, like Ian Ondek, have opted to leave Miami for more affordable regions in Florida, highlighting the widening gap between rising wealth and living conditions. Experts note that as housing becomes less accessible, young households are increasingly forced to rent longer or relocate.
"Many of these buyers were priced out, which could push young households to rent for longer or consider moving elsewhere to achieve homeownership."
"It's no secret that Miami has become a magnet for millionaires over the past 10 years, outperforming every other major U.S. metro except California's San Francisco Bay Area."
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