Population of Miami is dropping.
More people are leaving than arriving.
Are you ready for a surprising and unexpected news? According to recent article in Wall Street Journal the population of Miami is dropping – more people are leaving Miami than moving in. It happens because of increased housing costs and reduced opportunities for low-skilled employees.
Between 2020 and 2022, according to U.S. Census, the population of Miami-Dade county reduced by around 80,000 people. Some went to other places in Florida, while others moved to other states.
But here’s something interesting: even though some people are leaving Miami, Florida’s population is still growing. More people are moving to Florida than to other states.
Now, let’s talk about money. The cost of houses in Miami went up a lot—about 50% since 2020. And rent, which is what you pay to live in a place, also went up—about 30% since 2019.
Even though some people are leaving, the cost of rent keeps going up. It’s hard to find a place to live that’s not too expensive. But don’t worry! There’s good news too. Miami is changing. New buildings are being built, and there are more job opportunities. However, it will take long time before things get stable.
Now, here’s a question: Is Miami becoming like other big cities where living costs a lot? Some people left those cities because it was too expensive. Miami has its own challenges, like lots of traffic and finding jobs.
Let’s meet Alex. She really liked Miami, but she had to leave because it became too expensive to rent a place to live. Her story is like many others who are having a hard time because of high costs.
Now, let’s talk about the future. Will the cost of houses go down in Miami? Probably not. Even though some people are leaving because of high rent, there are still many people who want to live there, like professionals and those who make a lot of money.
Imagine you’re a doctor named Dr. Parker, a skilled plastic surgeon. You moved to lively Miami to help people look and feel better. You love the city’s diverse culture and busy vibe, and your job is very rewarding – you just bought a new home where all dreams come true.
So, what’s the bottom line? Even though some people are leaving, Miami will still be a place that attracts people with big dreams. But we also must remember that some people might have to leave because things are getting more expensive. It’s like for every professional who moves to Miami, a couple of other people might have to find somewhere else to live.