"Miami was hyped as the next Silicon Valley during the pandemic, but the city saw one of the highest rates of domestic out-migration last year of any major city, indicating that it is a hotspot no more."
"About 1.8% of the city's population fled for a different US city between 2024 and 2025, and the story goes back much further than the pandemic."
"Miami has had a fairly steady outflow of domestic migration since 2011, with the exception of the pandemic years, during which it did not recover to pre-2011 levels."
"While all the billionaires are buying homes in the Miami area, they are not purchasing in the city proper, indicating a shift in the real estate landscape."
Many individuals who relocated from the Bay Area to Miami or Austin during the pandemic have since returned. The extreme heat and insufficient job opportunities have contributed to this trend. Miami, once considered a potential tech hub, has experienced significant domestic out-migration, with rising housing costs and a lack of high-paying jobs being major factors. While San Francisco has seen a rebound in population, Miami has not returned to pre-2011 levels, despite some foreign in-migration. Billionaires are buying homes in the Miami area, but not within the city itself.
Read at sfist.com
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