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The great wealth 'realignment': Affluent people keep moving from NY and SF to cheaper, warmer places

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The great wealth 'realignment': Affluent people keep moving from NY and SF to cheaper, warmer places


  • Wealthy people are moving to states including Florida, Texas, North Carolina, and Tennessee.
  • They’ve been wooed by the same things less wealthy movers seek: space, weather, and lower taxes.
  • This pattern is driving up home prices in Miami, in particular, even for the highest earners.

Everyone wants to live where their dollars go further — including the wealthiest Americans.

The pandemic ushered in a “realignment” of wealth where even those with the deepest pockets picked up and established themselves in states with bigger homes, warmer weather, and lower or no personal income taxes, Bloomberg noted in a profile of a Florida island that’s home to the world’s wealthiest people.

On the whole, Americans — wealthy and middle class alike — are moving from more expensive, higher-tax states like New York and California to cheaper, lower-tax ones including Florida, Tennessee, and North Carolina, according to Census data and other studies.

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It’s possible to track the moves of high earners in particular. A July 2023 study by personal-finance site SmartAsset using tax-filing data from between 2020 and 2021 found that people making at least $200,000 a year are moving to states including Florida, Texas, North Carolina, and Tennessee. They were leaving states like New Jersey, Massachusetts, and New York, the study found. In its coverage of Florida’s “Billionaire Bunker,” Indian Creek, Bloomberg highlighted Austin, Dallas, Nashville, and Charlotte as main hubs for affluent relocators.

The moving math is undeniably attractive: Someone making $150,000 in New York City can save nearly $50,000 by relocating to Miami, while someone making $650,000 or more could save up to $200,000 making the same move, SmartAsset found.

Florida, Texas, and North Carolina are popular destinations for more than just the wealthy. Between 2021 and 2022, Florida attracted the most new residents of all 50 states, with 738,969 movers, according to Census data released in October. It was followed by Texas, with 668,338; California, with 475,803; and North Carolina, with 341,582. (At the same time, all four of those states ranked in the top 10 states people are leaving, though not in the same order.)

Ken Griffin and Jeff Bezos

Citadel founder Ken Griffin and former Amazon CEO Jeff Bezos attend an event in Miami Beach.

Alexander Tamargo/Getty Images

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Major companies are also making transitions to these states in a very public fashion: Legendary hedge fund CEO Ken Griffin announced in June 2022 that he was moving Citadel’s headquarters from Chicago to Miami to, he said, leave behind the Windy City’s violence. Financial markets index provider and data firm Indxx moved its headquarters from New York to Miami citing its favorable corporate and personal tax structure. Investment firm AllianceBernstein moved 1,000 jobs from New York to Nashville in 2021 in an effort to save $80 million annually, Bloomberg reported. Asset management firm Allspring Global Investments moved from San Francisco to Charlotte the following year, noting in a press release North Carolina’s “business-friendly environment.”

Texas similarly has favorable tax policies for individuals and businesses. For similar reasons, companies like Oracle and Tesla have established themselves in Austin, while Goldman Sachs is at work on a new hub in Dallas.

Company leaders, who also happen to be billionaires, are also relocating: Griffin himself plunked down nearly $107 million in 2022 for a waterfront compound in Miami’s Coconut Grove neighborhood, the city’s first home to close with a nine-figure price.

Aerial view of Indian Creek, Miami

An aerial view of Indian Creek, Miami.

Jeffrey Greenberg/Universal Images Group via Getty Images

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Meanwhile, Amazon founder Jeff Bezos last year shelled out $147 million for two parcels on Miami’s Indian Creek, which is also home to Jared Kushner and Ivanka Trump, as well as businessman Carl Icahn.

Tesla founder Elon Musk claims he’s been living in Texas for some time, having ditched California.

The reshuffling of wealth is making historically cheaper states more expensive

In Miami, in particular, this reshuffling of wealth has ushered in an era of unaffordability.

In January 2020, the median home price in Miami was $343,500, according to Redfin. In November, it was $590,000 — a 72% increase.

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“Miami and most of Southeast Florida have rebranded into more luxury markets,” housing expert Jonathan Miller told BI in September. “I don’t see that as a fluke or an anomaly.”

This pricing out is even happening among the highest echelons of wealth.

On Indian Creek, the island that attracted Bezos, Kushner and Trump, and Icahn, the “merely affluent are now being displaced by the fabulously wealthy able to spend $100 million for a mansion,” Bloomberg reported.

Woman overlooks the Miami skyline as well as water below from a balcony.

Dina Goldentayer overlooking the Miami skyline.

Dina Goldentayer

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Dina Goldentayer, a top Miami real-estate agent who has been involved in three of the island’s five most recent sales, told Bloomberg this state of affairs “is all post-Covid, and it was actually quite different before.” Around seven years ago, she said, “there would be five or six listings at the same time and $20 million was a big sale.”

A quick search on Zillow turned back more than 20 properties across Miami priced over $20 million.



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Miami, FL

Your 2026 Miami Dolphins Draft Picks Expectations

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Your 2026 Miami Dolphins Draft Picks Expectations


Highest ceiling: Proctor. There’s a reason they drafted him in the first round. If he loses 25 pounds, he can be a multi-time first team All Pro. But he has to put the work in and not be lazy.

Lowest ceiling: Caleb Douglas. Don’t see him fixing his drops. But I hope he proves me wrong.

Best overall pick: Jacob Rodriguez. Guy will be a sideline to sideline tackling machine.

Best value pick: Kyle Louis. He should have went in the 3rd round and will be a major contributor.

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Best pick no one else sees as great…yet: Seydou Traore. The more tape I watch on this guy at Mississippi State, the more I like. If he refines his route running and hands, he could be our starting TE in 2 or 3 years.

Biggest reach pick: Caleb Douglas. See above. He should have went in the 5th, maybe 6th.

Biggest missed opportunity: Not drafting Bain. I sure hope those short arms limit him in the NFL. Now the guy has a huge chip on his shoulder and is pissed at the 14 teams that passed on him, including Miami. The guy was a menace in college. I’m not looking forward to facing the Bucs in the future.



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Miami Area Gets First New Manufactured Home Community in Decades

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Miami Area Gets First New Manufactured Home Community in Decades


Miami-Dade County is one of the most desirable places to live in the country, but its median listing price of $595,868 is pushing many everyday people out of the market.

That’s why an affordable alternative is drawing attention.

Cottage Grove, a manufactured housing community under construction in South Miami-Dade, will feature 349 single-family homes with prices starting at just $129,900. It will be the first new manufactured housing development in Miami-Dade in decades.

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“The interest has been tremendous,” Ross Partrich, the CEO of RHP Properties, which owns Cottage Grove, tells Realtor.com®. “The market is showing there’s a real need—we’ve had over 1,000 inquiries.”

RHP Properties has built manufactured housing communities across 31 states, including Florida, but this is its first project in Miami-Dade.

“Cottage Grove addresses a critical gap in the housing supply at a time when rising home prices and construction costs are putting homeownership out of reach for many families and when supply is shrinking due to redevelopment,” says Partrich.

The entrance to Cottage Grove, a new manufactured housing communityRHP Properties

According to the Manufactured Housing Institute, approximately 22 million Americans reside in manufactured homes. These homes are faster and cheaper to build.

“There’s much less waste and more precision when you’re building in a factory,” says Partrich. “The economies of scale are better, and we’re passing on the savings to our residents.”

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About the community

At Cottage Grove, homeowners will own their houses but lease the land beneath them, paying $1,445 a month in lot rent.

Partrich says residents of the community will enjoy five-star amenities.

“That includes a beautifully maintained pool with a large sun deck, contemporary clubhouse, fitness center, yoga and lounge rooms, scenic biking and walking trails, and serene gazebos,” he says.

While many manufactured housing communities in Florida are age-restricted to 55 and older, this 92-acre community will welcome residents of all ages.

“The playground, expansive green spaces, and gated entrance add to the community’s appeal for families,” says Partrich.

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Partrich says people have already begun putting down deposits on the homes—each of which has four bedrooms and is around 1,600 square feet.

“They’re spacious, with open floor plans, multiple living areas, and kitchens equipped with stainless-steel appliances and islands,” he explains.

The first group of homes is expected to be completed and move-in-ready by late summer.

Cottage Grove in South Miami-Dade, FL, prepares lots for the manufactured homes to be installedRHP Properties
The swimming pool at Cottage GroveRHP Properties

Durability and long-term value

In hurricane-prone Florida, durability and safety are key considerations.

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Homes in Cottage Grove meet a set of quality standards from the Department of Housing and Urban Development.

They’re set on concrete foundations, and Partrich says they’re able to withstand hurricane-force winds—which gives residents added peace of mind.

Over the past seven years, manufactured homes sold without land have appreciated by 51.6%, according to the Realtor.com Perks of the Park: Mobile Homes as an Affordable Alternative Report.

By comparison, median single-family homes rose 58.6% over the same period.

“Financing has typically been more challenging to obtain on manufactured homes, with fewer lenders and higher interest rates,” Florida real estate agent Cara Ameer tells Realtor.com.

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“Most manufactured housing communities use land leases, adding a monthly fee that can make it harder for some buyers to qualify or stay long-term. As a result, appreciation has historically been more limited,” Ameer explains.

But Florida real estate broker Jeff Lichtenstein, CEO of Echo Fine Properties, says he believes manufactured houses will only continue to rise in popularity, especially in the Sunshine State.

“Stronger manufactured homes are going to be big,” he says. “The reason is that people just want a piece of the American dream and don’t want to be stuck in rentals. These, in many cases, are stepping-stone communities that let someone get started and not be forced to move two counties away. It solves the problem of homeownership, individual placement, and a sense of community.”

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Four Convicted in Miami for Roles in Killing of Haiti President

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Four Convicted in Miami for Roles in Killing of Haiti President


Four men were convicted in Miami for their roles in the 2021 assassination of Haitian President Jovenel Moïse that further destabilized the government and led to years of violence in the country.

Jurors returned guilty verdicts Friday against the men, who prosecutors said had organized the plot using Colombian mercenaries and Haitian gang members to violently oust Moïse and replace him with a friendly successor to allow them to obtain lucrative contracts with the government. The group helped supply equipment from Florida to aid in the killing, prosecutors said.



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