Why Your NYC Neighbors Are Suddenly 'Florida Residents' (And Should You Be Too?)
If your Upper East Side building's lobby feels emptier these days, you're not imagining things. That family on the fifth floor? They're in Boca now. Your neighbor who always complained about the noise? Palm Beach. Even your doorman is asking about Miami real estate. Something is happening, and it's bigger than just a few people buying vacation homes.
The numbers tell a wild story. Between 2020 and 2024, over 300,000 New Yorkers packed up and moved to Florida. We're not talking about retirees looking for early bird specials. These are hedge fund managers, tech executives, and successful entrepreneurs in their prime earning years. They're trading their brownstones and penthouses for waterfront properties down south, and they're not looking back.
The Real Reason Everyone's Leaving (Hint: It's Not the Weather)
Let's be honest. New York is expensive, and we're not just talking about $18 cocktails and $40 salads. The tax burden here is absolutely crushing for high earners.
If you're making serious money in New York City, you're paying up to 10.9% in state income tax and another 3.876% to the city. That's before we even talk about property taxes or the estate tax that can hit your heirs with a 16% bill when you die. Add it all together, and nearly half of what you earn goes straight to the government.
Florida? Zero state income tax. Zero estate tax. Zero inheritance tax. For someone earning a million dollars a year, that's over $100,000 back in their pocket annually. Do that math over a decade and you're looking at serious money.
But here's where it gets even better. Florida offers something called the Florida homestead exemption, which can slash up to $50,722 off your home's assessed value for property tax purposes. If you're buying a $2 million home in Miami, this exemption could save you thousands every single year. The Florida homestead exemption isn't just a one-time break either. It continues year after year as long as the property remains your primary residence.
Compare that to what you get in New York. A $3 million apartment in Tribeca gets you maybe 1,500 square feet if you're lucky. That same money in Miami Beach? Try a 3,000 square foot condo with ocean views, or an actual house with a pool in Coral Gables. The real estate value alone makes you wonder what you've been doing all these years.
It Sounds Perfect, But There's a Catch
Before you start browsing Zillow for Florida properties, you need to know the rules. New York State doesn't just let you waltz away from their tax base without a fight.
To be a real Florida resident, you need to spend at least 184 days a year there. New York auditors are serious about this. They'll check your credit card statements, your cell phone records, and even your social media posts. Posted a photo from your favorite Upper West Side coffee shop in July? That's a data point against you.
You also need to do everything right. Florida driver's license, Florida voter registration, Florida car registration. You need to move your doctors, your dentist, your gym membership. New York State has an entire department dedicated to hunting down people who claim Florida residency but still live here most of the year. The penalties are brutal if they catch you.
So Should You Actually Do It?
Here's the truth. If you're making high six figures or more, working remotely, and you don't have strong ties keeping you in the city, the financial case is almost impossible to ignore. You'll save enough in taxes within a few years to buy another property.
But if your career requires face time in New York, if your kids are thriving in their schools, or if you genuinely love everything about city life, no amount of tax savings will make you happy in suburban Florida. Money isn't everything.
The interesting part is that this isn't slowing down. Miami and Palm Beach are becoming legitimate power centers now, with the restaurants, clubs, and social scenes that wealthy New Yorkers actually want. Florida isn't just taking New York's residents anymore. It's taking its culture too.
Your neighbors have already made their choice. The question is whether you're next, or whether you're one of the ones who stays loyal to New York no matter what the tax bill says. Either way, it's worth understanding what's really happening here. This isn't just about sunshine. It's about money, and lots of it.
