Is South Florida Too Expensive for Longtime Locals?

Mar 28, 2017

When it comes to global interest in Miami’s residential property market, the greatest number of potential buyers are based out of Colombia

An influx of new residents into the South Florida market is being balanced with an exodus of longtime residents who can no longer afford to live in this area, according to a Florida International University (FIU) study of recent U.S. Census Bureau data.

The Miami Herald is reporting that although the Miami-Fort Lauderdale-West Palm Beach market is one of the 10 fastest-growing metro areas in the country, is growth is being fueled by people moving from other countries, particularly Latin America. Indeed, FIU estimated that the net international migration to the region has increased 397 percent since 2010.

But while this occurred, the market has witnessed a net outflow of 106,591 residents to other parts of the country. In the Miami-Dade and Broward metro areas, the residential shift has created something of a white flight, with the White non-Hispanic population plummeting by 16.6 percent and 22.3 percent between 2000 and 2015, respectively.

Maria Ilcheva, senior researcher at FIU’s Metropolitan Center, noted that a mix of economic reasons can be cited as the source of this shift.

“We have people coming here from other countries to invest and to migrate for other reasons,” she said. “On the other hand, the locals are looking for exit strategies … There are two obvious reasons in our county: wages are lower than in the rest of the country, and the unaffordability of housing and the cost of living. You can’t completely divorce these two factors.”

Condo market analyst Peter Zalewski agreed with the FIU findings. “I don’t think there’s any question this all has to do with housing,” he said. “The cost of housing in Miami has become unbearable [for many locals].”

About the author

Phil Hall

Link copied

Published

Mar 28, 2017

Military Lending

MISMO, VA Push To Digitize Veteran Loan Eligibility Process

New data standards aim to streamline Certificate of Eligibility requests, reduce manual processing and speed VA loan originations

MISMO has released new standardized data mappings designed to help lenders process VA loan eligibility requests more efficiently as part of the U.S. Department of Veterans Affairs' ongoing digital transformation of its Loan Guaranty program.Developed in collaboration with th...

Non-QM

Untapped Home Equity Creates Opportunity For Alternative-Doc HELOCs

New Home Equity Gap Index estimates U.S. homeowners hold $11 trillion in available equity as some Non-QM lenders expand options for self-employed borrowers

A new Home Equity Gap Index suggests that billions of dollars in home equity remain largely untapped, creating an opportunity for Non-QM lenders offering alternative-documentation HELOCs to borrowers who may not qualify under traditional underwriting.According to The Mortgag...

Aug

Las Vegas, NV

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power