Miami, FL
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.
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.)
Alexander Tamargo/Getty Images
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.
Jeffrey Greenberg/Universal Images Group via Getty Images
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.
“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.
Dina Goldentayer
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.
The Miami Dolphins will have new starters at their cornerback positions since both Jack Jones and Rasul Douglas are not back with the team. The team drafted Chris Johnson in the first round and it’s pretty likely he’ll have a large role and should claim the one starting spot. The other starting spot should be up for grabs among the rest of the group. Jason Marshall is one of those players who has a better chance of claiming that starting spot after showing some flashes his rookie season. Jeff Hafley has already said he envision Marshall playing on the outside and the second-year corner should get plenty of chances to prove himself during the preseason.
You can check out that story here, and the rest of the day’s round-up below.
Phinsider News You May Have Missed
With Miami-Dade Superintendent Jose Dotres’ contract ending in February 2027, school board members are now looking to have his replacement by August.
Dotres has served as the superintendent for the third-largest school district since 2022. The school board started the search for his replacement in April.
More than 20 people applied for the position, but now only six have secured spots as semifinalists.
Here’s a closer look at who Miami-Dade’s superintendent might be:
Jose Bueno
With roughly 33 years of experience within Miami-Dade County Public Schools, Bueno currently serves as Dotres’ Chief of Staff.
According to his LinkedIn profile, Bueno’s tasks include coordinating and implementing major projects “that have significant district-wide impact on the goals of the district and involve coordination of other divisions and offices.”
He started as a teacher within the country back in 1993 and is a Florida International University and Nova Southeastern University graduate.
Ernie Lozano
Lozano is currently Broward County’s Public Schools Chief Human Resources Officer.
His passion is creating a safe and secure environment for both students and staff.
“He has been recognized for his contributions to the District’s safety and security initiatives, receiving accolades for his exceptional leadership and commitment to student and staff well-being,” according to a bio on the site for the National Student Safety and Security Conference & Workshop.
Before his career in human resources, Lozano served within education as a teacher, assistant principal and more.
Sylvia Mitchell
Hope builder, executive leadership coach and seasoned superintendent are all descriptions Mitchell has on her LinkedIn.
Living in Houston, Texas, Mitchell is familiar with the Sunshine State since she was a principal at Charter Schools USA in Fort Lauderdale back in 2012.
She has also served as superintendent twice in Texas and is currently Executive Vice President, Curriculum, Design & Development for Per Scholars.
Carlos Perez
Perez is a charter school principal in West Palm Beach and the former executive director of the Education Reform Project, a nonprofit organization based in Miami Beach.
According to the nonprofit, Perez has over 25 years of experience within education, mainly in New York, but now in Florida.
Perez has also been an assistant superintendent in the past, as well as taking part as an Executive Board Member for the New York State Association of School Personnel Administrators.
Christopher Ruszkowski
Currently based in South Carolina as CEO of South Carolina’s Children’s Fund, Ruszkowski has moved all over the country, and Florida will be no exception.
According to his LinkedIn, he served as New Mexico’s Secretary of Education back in 2019. Before living in South Carolina, he was a conservator for the Texas Education Agency. A conservator oversees the state’s takeovers of large school districts and charter school networks.
Getting his master’s at Stanford, Ruszkowski was a Distinguished Policy Fellow at the Hoover Institute located within the university.
Rafael Villalobos
Since 2022, Villalobos has been the South Region Superintendent of Miami-Dade County Public Schools. Before that, he was a principal for over ten years.
The Nova Southeastern alum has been in Miami for most of his life, even graduating from South Miami Senior High School in 1990.
Miami, FL
I went to 2 famous Miami restaurants, a flashy steakhouse and a Cuban hot spot. Here’s how they compared.
Café La Trova celebrated the city’s Cuban heritage through live music, warm hospitality, and dishes that felt deeply rooted in local culture.
Papi Steak, meanwhile, embraced Miami’s flashy, see-and-be-seen reputation with theatrical presentations, celebrity appeal, and an atmosphere that often felt more like a nightclub than a standard steakhouse.
Despite Papi Steak’s over-the-top reputation, nearly every dish I tried — from the wagyu pastrami to the hamachi crudo — was thoughtfully prepared and tasted just as good as it looked. If you’re looking for an indulgent, special-occasion dinner where the spectacle is part of the fun, it’s easy to understand why the restaurant has become such a phenomenon.
Still, if I could only recommend one restaurant to a first-time visitor, I’d choose Café La Trova.
While Papi Steak offered the more decadent, once-in-a-lifetime meal, Café La Trova delivered a more authentic Miami experience, pairing outstanding food and cocktails with a genuine sense of the city’s history and culture.
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