The amount of homebuyers in Miami have tripled over the past couple of years. According to a new analysis by Redfin, in July the net inflow of Redfin users moving to Miami rose to 7,610 from 2,216 last year.
Milagros Alvarez, a Miami real estate agent at Redfin, said that “the pandemic has brought even more out-of-towners to the area because so many people can now work wherever they want.”
“Homebuyers are moving here from all over the map—Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few. The beaches, warm weather and low taxes are the major draws. Florida has also been much less shut down than other states during the pandemic, which some house hunters see as a positive,” said Alvarez.
Alvarez also warned that the warm weather in Florida may seem like a main selling factor, but it also comes with its downsides. Miami is one of the most vulnerable cities when it comes to natural disasters or damages caused by weather-related events. 59% of Miami properties face some level of flood risk.
Sea levels in Miami-Dade County are projected to rise by two feet by 2060, which would displace thousands of residents. The region also faces extreme heat risk, however, Alvarez explained that climate change hasn’t deterred Americans from flocking to the Sunshine state.
“The homebuyers I talk to rarely mention climate change. Most of them aren’t concerned. A lot of people seem to have this idea that it won’t impact them in their lifetime, so it doesn’t need to be a consideration when buying a home.”
Daryl Fairweather, chief economist at Redfin, warned that “the recent UN climate report shows that places like Miami will see the impacts of climate change within the next thirty years. Miami homebuyers should think about how they can make their homes more resilient to climate change and how their finances would be impacted if their homes lost value,” he said.
Sacramento, Phoenix, Las Vegas, Austin, and Atlanta have also been experiencing exponential rises in real estate investments, according to Redfin. The report also claimed that US citizens were mainly moving away from New York, San Francisco, Los Angeles, and Washington DC.
“Big, expensive cities normally lose the most residents, and that trend accelerated during the pandemic as remote work gave people the flexibility to leave expensive job centers for relatively affordable places.”
“Yet, a handful of the metros that experienced the largest outflows in July saw fewer people leaving than a year earlier—likely because many of the pandemic restrictions that made those places unattractive places to live have now been lifted,” the report said.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at email@example.com.