Is South Florida Too Expensive for Longtime Locals? – NMP Skip to main content

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
Published
Mar 28, 2017
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026