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Migration to Miami has tripled in a year and it is now the top migration destination in the US, according to Seattle-based Redfin. Now that many people are working remotely, they are choosing to move to Miami for its lifestyle and tax benefits.
This is the first time ever that Miami topped Redfin’s monthly rankings, which measures net inflow from other metro areas. Miami has been consistently in the top 10 since the list was created in 2017.
The estimated net inflow of people to Miami was three times (3X) higher in July 2021 compared to July 2020.
The top origin of those looking to move to Miami is New York, the report said.
The analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 112 metro areas.
Only users who viewed at least 10 homes in a particular metro area, are included, in order to exclude those unlikely to be actually considering a move. At least 80% of the user’s searches must have been made in that metro, in order to further narrow the list.
San Francisco was the biggest loser, with net outflow nearly 50% higher than last year. Los Angeles, New York, Washington, D.C., and Boston rounded out the top five areas seeing the highest net outflow.
Companies are also moving to Miami or expanding their presence. Earlier this month, Microsoft announced that it signed a 50,000 sq ft lease in Brickell.
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