March 28, 2017 (STLRealEstate.News) For decades, retiring Americans have looked to South Florida as a place for them to settle down and enjoy the warm weather in their elder years. As an amiable place with beautiful weather and no income tax, it certainly lends itself to being an ideal location for the majority of the country to move and relocate in. Unfortunately, this trend that we’ve seen for so many decades may be coming to an end as real estate availability, specifically in Miami, is starting to get scarce. According to a new Census estimates analyzed by university researchers in Miami, the sky-high Florida housing costs are likely to blame.
However, we’re specifically looking at the Miami region right now. The Miami-Fort Lauderdale-West Palm Beach megalopolis has been one of the 10 fastest-growing metro areas in the country by sheer numbers since the last full Census in 2010, technically outstripping the Los Angeles, Washington D.C., and Phoenix metro growth machines. This is all according to Florida International University researchers who looked at population trends in the U.S. Census Bureau.
People settling there from other countries, chiefly Latin American nations, are primarily driving the biggest source of Miami’s growth. The region has seen a total reversal in what demographers call net domestic migration since about 2013. Back a few years ago, more people moved to the region from elsewhere in American than moved out. Now, the very opposite is true.
At the same time, the region is seeing a mass migration of already existing residents in Miami emigrating out of the megalopolis. Since 2010, the count has seen a net outflow of 106,591 residents to other parts of the country. But, the international migration to the region has increased 397 percent over the same period, more than making up for the domestic losses.
Is this sustainable? Experts aren’t sure, but the migration levels are making for sky-high housing.