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In-Migration Boosted South Florida Household Income by $16 Billion in 2021

Economic Insights
Economic Insights from the MIAMI REALTORS Chief Economist

By MIAMI Chief Economist Gay Cororaton

 

The number of people moving to Florida has increased compared to the pre-pandemic period (2019) bringing a net increase of $16 billion in household income to the area, according to MIAMI REALTORS® analysis of the 2020-2021 migration data released by the Internal Revenue Service[1]. Sustained migration and job growth into Florida, particularly South Florida, have been the main reasons why Florida’s housing market has been stronger than other markets amid rising mortgage rates.

In Florida, 128,228 households (tax returns) moved to Florida on a net level in 2021 (388,233 households moved in, 260,005 moved out). This is about twice the flow of 61,873 households in 2019 and the 81,401 net household movers in 2020.

The average income of households who moved in ($149,200) was higher than the average income of households who left Florida ($72,070), resulting in a net adjusted gross income inflow of $39.2 billion in 2021, up from  $17.5 billion in 2019 and $23.7 billion in 2020.

 

Miami-Dade Sees 20% Increase in in Movers from Pre-Pandemic Level, Broward Had the Largest Number of Movers in 2021

In the counties of Miami-Dade, Broward, Palm Beach, Martin and St. Lucie, 165,676 households moved into the area in 2021, up 11% from 2020 (149,698) and up 17% compared to the pre-pandemic level in 2019 (141,056).

Top households that moved included those from Kings County, New York (1,100); Cook County, Illinois (735),  Queens County,  New York (723), and Harris County, Texas (654).

All the five counties saw higher counts of people moving in. In Miami-Dade County, were  45,430 people who moved in, up 15% from the level in 2020 (39,562) and up 20% from the level in 2019 (37,630).

Broward had the largest number of households who moved into the county at 53,024, up 7% from the level in 2020 and up 11% from the level in 2019.

 

Net Aggregate Gross Income Flow in Miami-Dade Surges to $6.4 Billion in 2021, Up 91% from Pre-pandemic Level

In 2021, the households who moved into the five counties that year reported an aggregated adjusted gross income on their tax returns of $28.8 billion, up 61% compared to the level in 2020  ($17.9 billion) and up 91% compared to the pre-pandemic level ($15.1 billion).

In Miami-Dade, households who moved reported  a total of $10.4 billion in adjusted gross income, up 131% from the level in 2020 ($4.5 billion) and up 174% compared to the pre-pandemic level ($3.8 billion).  Miami-Dade accounted for 36% of the aggregate household income among households who moved in the five counties.

Households who moved out  had an income of $3.9 billion so the net gain in aggregate household income in Miami-Dade in 2021 was $6.4 billion, about 6x the level in 2020 ($0.9 billion) and  13x the level in 2019 ($0.5 billion).

 

Higher Average Gross Income of $229,300 Among Households Who Moved to Miami-Dade

Households who moved in had on average a higher adjusted gross income than households who moved out. In Miami-Dade, the average adjusted gross income among households who moved into the area in 2021 was $229,300.  On the other hand, households who moved out  of Miami-Dade in 2021 earned an average of $66,400 in the county they moved to in 2021.

Households who moved to Broward had lower average adjusted gross income of $102,600 compared the average income of households who moved to Miami-Dade and Palm Beach. Households from Miami-Dade comprised 34% of the 53,042 households who moved to Broward in 2021. Palm Beach County was the second largest feeder county, accounting for 11% of households who moved to Broward.

Households who moved to  Palm Beach had the highest average adjusted gross income of $242,200, followed by Martin County at $167,800.

Households who moved to St. Lucie had the lowest average annual adjusted gross income of $68,900.

[1] SOI Tax Stats – Migration Data | Internal Revenue Service (irs.gov)

 

In-Migration Boosted South Florida Household Income by $16 Billion in 2021
In-Migration Boosted South Florida Household Income by $16 Billion in 2021

 

In-Migration Boosted South Florida Household Income by $16 Billion in 2021
In-Migration Boosted South Florida Household Income by $16 Billion in 2021

 

In-Migration Boosted South Florida Household Income by $16 Billion in 2021
In-Migration Boosted South Florida Household Income by $16 Billion in 2021

 

Check out the data visualization below to see you moved in your market area:

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