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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

Three wildfires burn more than 20,000 acres in Miami-Dade, force road closures

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Three wildfires burn more than 20,000 acres in Miami-Dade, force road closures




Three wildfires burn more than 20,000 acres in Miami-Dade, force road closures – NBC 6 South Florida



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3 wildfires burn over 20,000 acres in Miami-Dade ahead of long-awaited rain

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3 wildfires burn over 20,000 acres in Miami-Dade ahead of long-awaited rain


Crews were making progress as they battled three brush fires in western Miami-Dade County on Friday, tackling hotspots and turning off power to help put the flames out.

Firefighters have worked for almost a week in uncomfortable heat to increase containment and keep flames from two fires away from people and businesses. On Wednesday, around 200 residents were evacuated and on Thursday, one firefighter was injured while battling the Quarry 2 fire and hospitalized with non-life threatening injuries.

Now, a third blaze is also burning. But the rain that could make the difference in the firefight may not be far off.

What fires are burning?

The Quarry 2 fire had reached around 17,200 acres by Thursday night and was about 75% contained, according to the Florida Forest Service.

The Florida Forest Service said it responded to the blaze on Sunday, after it originated from a thunderstorm and lightning strike.

Miami-Dade Fire Rescue officials said its crews started battling it in the area of Northwest 137th Avenue and Northwest 25th Street on Monday.

A second fire, the Well Fire, was discovered on Thursday, has burned 1,310 acres and was 50% contained at last update earlier this week.

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A third fire, the Coptic Fire, was discovered on Wednesday. It has burned 1,680 acres, is 40% contained and is being handled by the U.S. Forest Service since it’s burning on federal land.

200 residents evacuated; businesses feel the heat

Officials said Wednesday that around 200 residents of nearby Mack’s Fish Camp voluntarily evacuated and many were moved to a nearby fairgrounds while some went to live with family members. Some residents were encouraged to leave but chose to stay, officials said.

“No electricity. Can’t stay where there’s no electric; I need my air conditioning,” one resident, Lisa, said after leaving her home. “I packed my medicine, and my milk that’s going bad from the refrigerator that’s been off for four hours, and my tea, and here we are.”

Maurice Cullen, of Everglades Airboat Expeditions, said the longer the fires burn, the fewer customers he’ll see.

“It’s not good for business, it definitely stops everybody going to the Everglades,” he said. “It’s never good, but this is natural. This is a normal cycle out in the Everglades.”

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No injuries have been reported, but people with respiratory conditions in the area were advised to stay indoors and recirculate the air from their air conditioners.

Officials wait for rain amid a heat index up to 110 degrees

Hundreds of staff, including Miami-Dade Fire Rescue, Broward Sheriff’s Fire Rescue and the National Guard are all working alongside the Forest Service to put the flames out.

Officials say the biggest factor right now is the weather.

“We’re just hitting it hard with everything we have with our partners,” Patrick Mahoney said. “We need a weeklong, multi-day long rain event to really get us out of this.”

Fortunately, Friday could see some storms late in the afternoon and evening, which would kick off a wetter pattern for two or three days, NBC6 Meteorologist Adam Berg forecasts. The NWS says the rain on Friday will be “mainly focused over inland SoFlo.”

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Winds have also remained calm, which is good because strong gusts could spread flames dangerously fast.

A heat advisory will be in effect again from noon until 7 p.m. in Broward, Miami-Dade and Monroe counties, the National Weather Service said Friday. While not directly related to the fires, it makes the firefight more uncomfortable for first responders.

Heat indices up to 110° are possible.

Road closures

Krome Avenue remains shut down in both directions. The Miccosukee Police Department advised drivers to “avoid the area, expect delays, and seek alternate routes until further notice.”

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Pembroke Pines Police said Wednesday afternoon that U.S. Highway 27 southbound was also closed at Pines Boulevard due to the fire, but the roadway reopened later in the evening, police said.

Air quality improves

The National Weather Service warns that as smoke disperses, air quality may be reduced across the region.

Still, the air quality has improved from “unhealthy” in the areas closest to the fires on Wednesday to “good” or “moderate” on Friday, according to the AirNow Fire and Smoke Map.

More sensitive groups “should consider reducing outdoor activity” and go inside for cleaner air in the event of symptoms.

How to stay safe amid smoky conditions

Miami-Dade Fire Rescue said smoke can reduce visibility on the road and cause respiratory issues. Authorities suggest that:

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  • If you must drive through smoke or haze, use extra caution, increase your following distance, and use low-beam headlights.
  • If smoke is present in your area, limit time outdoors, keep doors and windows closed, and set air conditioning systems to recirculate indoor air. These precautions are especially important for individuals with respiratory conditions.





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Miami Central students prepare for life changing trip to Zimbabwe amid funding challenges

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Miami Central students prepare for life changing trip to Zimbabwe amid funding challenges


A group of South Florida students is preparing to travel more than 8,000 miles to Zimbabwe next Wednesday, though organizers say reaching their fundraising goals has become increasingly difficult this year.

Ten students from Miami Central Senior High School are scheduled to spend 18 days in the country as part of the Blindfolded International Student Cultural Exchange Program (BISCEP). The initiative aims to provide students with cultural immersion and foster global relationships.

“I’m really excited but also a tad bit nervous,” said 11th grader Shonneice Ferris.

For student Samir Rios, the trip offers a chance to engage with a new community. “The most anticipated thing that I’m looking forward to is most likely the students and the kids,” Rios said.

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During the 18-day excursion, students plan to attend local schools, volunteer at an orphanage, and visit sites including Victoria Falls. “The first week we’re going to be going to school in Zimbabwe,” Ferris said.

Despite the program’s history of successful trips, BISCEP founder Edwin Sheppard said fundraising efforts have stalled. Many longtime donors have reduced their contributions due to budget constraints.

“A lot of our donors, our past donors, have not been able to donate what they’ve donated in the past,” Sheppard said. “A lot of budget cuts, and so we’re still struggling to raise all of the funding.”

Organizers confirmed the trip will proceed as scheduled despite the financial hurdles.

“This is two different schools, two different sides of the world and two different continents, and I think we’re going to do something amazing out of this,” Rios said.

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The students are scheduled to depart next Wednesday. Organizers continue to seek donations to cover the remaining costs. Those interested in supporting the Miami Central Senior High students can find more information at biscep.org.



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