Miami had its first population decline in more than 50 years according to data from the US Census Bureau.
The great migration to Florida during the pandemic didn’t increase Miami’s population, which has declined by 80,000 residents in the last three years amid high housing costs.
In the Miami-Dade area the cost of housing has risen by 53% since June of 2020, while the median asking rental price has increased by 27%, according to a report by The Wall Street Journal.
In the Miami metro area, nearly two-thirds of renters spend at least 30% of their monthly income on rent, the highest percentage of any major metro area in the US, according to Harvard University’s Joint Center for Housing Studies.
Inflation has also hit Miami hard, where it is higher than in most of the US, according to the US Bureau of Labor Statistics. The Miami area’s annual consumer-price inflation rate was 6.9% in June, more than double the national rate, according to The Wall Street Journal.
Most professionals leaving the city are heading to other cities in the state such as Orlando and Jacksonville or slightly further north to places like Atlanta, according to The Wall Street Journal.