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

Analysis and Data

Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

The September jobs report gave the mortgage market something it hasn't had much of lately: downward pressure on Treasury yields.U.S. employers added just 29,000 jobs in September, while the unemployment rate edged up to 4.2%, according to the Bureau of Labor Statistics. The ...

Wholesale

The Loan Store Rebrands As Averra Financial

The wholesale lender is adopting a new identity three years after acquiring Homepoint’s wholesale business and rising to No. 4 in industry rankings

The Loan Store has a new name after a three-year expansion that transformed the once-small wholesale lender into one of the largest players in the broker channel.The Tucson, Arizona-based lender has rebranded as Averra Financial Inc., effective immediately, the company annou...

Oct

Denver, CO

More from

Industry News

Garg Claims Majority In Better Fight, Board Poised To Honor Vote

Founder says he secured more than 51% of voting power to remove five directors, pending confirmation by a third-party inspector

C-Suite Strategies

Oct 01, 2026

Rocket Makes VantageScore Its Default After Testing Finds Borrower Savings

After four months of testing, Rocket will make VantageScore 4.0 its preferred model for eligible retail loans while keeping both scoring options available to brokers

Industry News

Sep 29, 2026

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026