Aug 7, 2025
When Cody Bunch was in high school, he created a scrapbook of his dreams and his goals. Moving to Miami Beach was on that list.
"There's Miami, there's Miami Beach," Bunch told CBS News, pointing to pictures in his scrapbook. "I live right behind that now."
Advertisement
Bunch achieved his dream of living in South Florida in 2021. But just a few short years later, he's packing up and heading to Atlanta instead. It seems surprising to leave a place he had dreamed of for most of his life, but Bunch has his reasons — and he's not alone in leaving the Sunshine State.
Here's why more residents are packing their bags and saying goodbye to South Florida for good.
High prices and limited career opportunities
Although Florida’s population growth surged in recent years, new data shows a shift. In 2023, about 511,00 people left the Sunshine State, while just 637,000 moved in — nearly half the number that arrived the year before. The American Prospect called it "the largest drop in net migration in a decade."
Young people like Bunch are leading the exodus, departing not just from Miami-Dade but from surrounding counties such as Broward and Palm Beach, as well as from other major metro areas like Tampa.
About 25% of those leaving Florida are between the ages of 20 and 29. Those moving in are older, wealthier and affected by the sluggish job market and soaring housing costs, driving Bunch and others away.
"Younger residents, particularly those aged 20-29, are leaving in significant numbers," said the latest migration report from the Florida Chamber of Commerce. "Factors cited include the high cost of housing and perceived limited in-state job opportunities for early-career professionals."
Both of those factors pushed Bunch to give up his dream of life in Miami.
Advertisement
"The salaries don't add up to the cost of living here," Bunch said. "Overall, the cost of everything is so much more expensive than it was four years ago."
He’s not wrong. While Florida's unemployment rate in March 2025 was 3.1% — lower than the national average of 4.2% — the quality of job opportunities is another story. The median annual salary in Florida was $52,400 in 2024, compared with the national median of $59,400, according to ADP Pay Insights. Meanwhile, the cost of living in Miami is 19% higher than the national average, according to Payscale.
High housing costs are another major issue. Redfin data shows Miami home prices surged from a median of $390,000 in January 2021 to $632,500 in January 2025. Miami is now ranked the second least affordable metro area for renters. Bunch said he's moving into a beautiful Atlanta apartment — complete with a coworking space, pool, and city view for $1,500 less than what he's paying for a Miami studio apartment.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
What to look for when relocating
Bunch is heading for Georgia, a popular destination for ex-Floridians. But before relocating, it's important to research your destination carefully. Anyone who is considering a move to a new city should look into:
- Housing costs, including the median rent and home prices
- The overall cost of living
- The local job market
- Typical salaries for the area
- The unemployment rate
- The demographics — is the area growing and attracting younger residents, or is it aging?
- Quality-of-life amenities like restaurants, museums, parks and entertainment
Plenty of online resources can help, including the Bureau of Labor Statistics for wages and unemployment data, and Redfin for housing market trends. You can also use job boards to explore employment options and rental sites to gauge how far your money will go.
Finally, consider visiting sites like Reddit and City-Data to connect with current residents and get an unfiltered view of daily life in your potential new hometown.
By doing your homework, you may find a city where dreams become reality — and unlike Bunch, you might just decide to stay and put down roots.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Christy Bieber has 15 years of experience as a personal finance and legal writer. She has written for many publications including Forbes, Kilplinger, CNN, WSJ, Credit Karma, Insurify and more.
