Why South Florida Research Report

THE GREAT MIGRATION TO SOUTH FLORIDA Florida’s population growth held for the 11th consecutive year, increasing 1.6% in 2021 and is projected to surpass over 22.0 million residents during 2023. South Florida’s population grew 4.8% over the last five years, or by 287,000 residents. Since 2020, the regions population grew by 2.0%, or by 115,000 residents. The increase in population led to residential home sales spiking in South Florida through 2021 as well as keeping high demand for multifamily investments throughout the region . South Florida saw more than $4.2 billion in sales volume through September 2022. Although this was down by 20.0% from this time last year as a result from increasing interest rates, the median sale price of $570,000 was still a 13.0% year-over-year increase. The area has benefited from many wealthy residents moving particularly from the northeast.

The South Florida MSA is projected to grow by 4.8% through 2025, or by approximately 300,000 residents.

POPULATION GROWTH BY MSA

600,000

512,000

494,000

472,000

451,000

500,000

417,000

400,000

240,000

300,000

200,000

147,000

100,000

23,000

13,000

-7,140

0

Miami

Phoenix

Los Angeles

Dallas

Houston

Atlanta

Washington D.C.

Chicago

Philadelphia New York

Moody’s Projected Population Growth 2021-2025