• Americans aren't flocking to Florida like they used to.
• BI spoke with three former Floridians about why they say the state has lost some of its appeal.
• Affordability is a common issue among relocaters, particularly with the state's higher home prices.

Kimberly Jones was born and raised in Florida and expected to live in South Florida for the rest of her life.

But after COVID, Florida no longer felt the same. An influx of out-of-staters strained the infrastructure in Jones' area of South Florida, where new construction, crowded grocery stores, and traffic-jammed commutes became the norm. The flood of newcomers also drove up housing costs, making it harder for longtime residents to afford the place they've always called home.

In 2021, Jones and her husband packed their bags and moved to North Carolina. They're not the only ones who have fallen out of love with Florida. While people are still moving to the state, net domestic migration — or the number of people moving into the state from elsewhere in the country minus those moving out to other parts of the US — has steadily cooled in recent years.

There are a few reasons behind Florida's slowing numbers and waning appeal. For some, the state's tax benefits may no longer outweigh its rising cost of living. That was certainly the case for Jones.

"Our reasons for moving were multifaceted," Jones, 60, told Business Insider. "A major factor was affordability — the cost of living in Florida had gotten out of control. Prices increased for everything — homeowners' and auto insurance, and even for everyday expenses like groceries and eating out. Those costs felt particularly high in South Florida compared with other parts of the state."

The Joneses found a more affordable, more relaxing life in North Carolina

Jones and her husband settled in a small rural town about an hour from Charlotte. They now live in a custom-built lakefront home on 1.5 acres — the kind of property Jones said she couldn't have afforded in Florida.

Indeed, Florida's home prices have continued to climb in recent years. Data from Redfin shows that the median home sale price in Florida increased by 19% between March 2021 and March 2026, reaching $417,000.

With the state's overall cost of living rising, many people — especially young adults, like Jones' son — are finding it difficult to become homeowners.

"My daughter managed to buy a condo a few years ago, when prices were lower, and interest rates were still low," Jones said. "But my son has little chance of buying anytime soon; he'll be renting for the near future, like most of his friends — most of my friends talk about the same thing with their kids."

Besides more affordable housing, Jones and her husband are also enjoying lower home insurance costs, as well as cheaper groceries and restaurant prices in North Carolina. But perhaps the biggest benefit of all is that the lower cost of living has allowed Jones to cut back on work.

"My husband retired a few years ago, and I was able to transition to remote work," Jones said. "We love [North Carolina's] slower pace of life and the fact that people are very nice up here. My quality of life — my stress level, everything — has improved tremendously just from being out of what felt like a rat race."

Natalie Alatriste left Florida in search of a more like-minded community

Natalie Alatriste is also a native Floridian. She remembers a time when her hometown of Miami felt sleepier, and neighborhoods like Little Havana were still under the radar. Today, she said, the city feels transformed.

"There's a pre-COVID Miami and a post-COVID Miami, and the post-COVID version is completely different," Alatriste, 35, told Business Insider. "The cost of living has gone up, and so many people have moved in that traffic is always heavy."

But it was not just Miami's growth that pushed her to reconsider her future in the state. Alatriste said Florida's shifting political landscape was also a factor in her decision.

"In 2024, I seriously started thinking about leaving not just Miami, but Florida entirely," she said. "The state's politics became a turning point for me. During the presidential election, everything I voted for — the amendments, the candidates, all of it — went in the opposite direction."

In 2025, Alatriste moved to Shirlington, a neighborhood in Arlington, Virginia, that's roughly a 20-minute drive from Washington, D.C. She and her partner rent a three-bedroom, three-story townhouse that's about 2,500 square feet, and pay roughly $4,350 a month. It's still expensive, but Alatriste said sharing the cost with a partner makes it easier to handle, and overall, Virginia feels more affordable.

"My quality of life feels much better in Virginia. I don't feel like I'm wasting so much time or spending so much money just to live," she said. "I also have greater peace of mind and can breathe easier because I'm part of a community that feels more aligned with my values."

Karen Meadows wanted a more active retirement

Florida is one of the most popular retirement destinations in the country. It offers plenty of obvious draws, including no state income tax, warm weather, and an abundance of retirement communities. But for some retirees, like Karen Meadows, life spent at the beach or by the pool isn't enough.

"Many people move to Florida to retire because it's quiet and has a slower pace of life," Meadows, 62, told Business Insider. "But for me, I wanted to move somewhere with more energy."

In 2024, Meadows and her husband moved to New York City.

"It's funny because the first thing everybody says about our move is, 'Oh my God, you did the opposite,'" Meadows added, "and they're right."

Meadows sold her home in Panama City Beach and now lives in a two-bedroom, two-bathroom condo in Brooklyn. Though New York still feels intimidating at times, being closer to her kids and living in a vibrant city has made the move worth it.

Beyond training for marathons — including the New York City Marathon and the Boston Marathon, both of which she has run several times — she volunteers with North Brooklyn Angels and the food rescue organization City Harvest. She has also joined the North Brooklyn Runners Club and started a book club.

"I know I probably could have moved somewhere more laid-back, warmer, and with lower taxes, but I love New York," Meadows said. "I'm almost 63, and I feel better and more alive than ever. Life feels freer, I'm more engaged, and there's still so much to explore."

Are you a former Floridian? We want to hear from you. Email the reporter, Alcynna Lloyd, at alloyd@businessinsider.com to share your story.

• Tax proposals in California and New York are pushing billionaires to Florida.
• Aside from the tax benefits, lifestyle perks are also fueling the trend.
• Mark Zuckerberg, Larry Page, and Sergey Brin have all recently purchased homes in the city.

Move aside, Wall Street and Silicon Valley: Miami is vying to be the new epicenter of US business, tech, and wealth.

The city has long been seen as a gateway to Latin America and the Caribbean, but recent developments in its business landscape are helping turn it into a larger American business hub.

Finance firms, tech companies, and consumer brands have expanded their presence in the city, from opening new offices to relocating headquarters.

And their executives have joined the wave.

Ken Griffin recorded Miami-Dade County's first-ever nine-figure home sale after Citadel announced its relocation in 2022; Jeff Bezos spent $147 million on two Indian Creek homes after leaving Seattle for Miami; and Palantir CEO Alex Karp quietly bought a $46 million mansion on the Venetian Islands ahead of the company's headquarters shift to Aventura.

This comes as states like New York and California are considering or proposing policies aimed at increasing the taxation of the ultrawealthy. This includes California's proposed Billionaire Tax Act, which would impose a one-time 5% tax on the net worth of California residents and certain trusts worth at least $1 billion, and New York's pied-à-terre tax bill, which would impose an added tax on certain non-primary New York City homes, including second homes owned by people whose primary residence is elsewhere.

But beyond the tax benefits, the ultrawealthy are flocking to Miami for the lifestyle.

"You can't beat the lifestyle," Manny Varas, a luxury homebuilder who works with billionaire clients in South Florida, told Business Insider.

Varas, who has built and renovated homes for the likes of Jennifer Lopez, Lil Wayne, and the Bezos family, said that the city's "pro-work and creative environment," as well as its culinary, hospitality, arts, and events scene, are among the biggest drivers of billionaires' decisions to move to Miami over other tax-friendly states.

Some of these leaders have officially announced they or their companies will be moving to the Sunshine State, while others have quietly snapped up property in the city in recent months, signaling a potential expansion of their presence there. While some have cited business interests, others have publicly shared factors such as family proximity and Miami's culture.

Here are some of the most notable people and companies that have recently relocated or bought up property in Miami.

Ken Griffin

Leading Miami's billionaire migration is Ken Griffin. In June 2022, Citadel and Citadel Securities announced they would move their global headquarters from Chicago to Miami.

In April 2022, an entity tied to Citadel paid a then-record $363 million for a waterfront Brickell office development site.

Citadel now lists Miami as its global headquarters, and its new Brickell location is expected to have 1.2 million square feet of office space, according to its plans.

Meanwhile, Griffin purchased the $107 million, 4-acre Adrienne Arsht Estate in Coconut Grove in 2022, setting a Miami-Dade record at the time and becoming the first nine-figure home sale in the county's history.

While Citadel's permanent Brickell tower is still in development, Griffin has been one of the biggest figures betting on Miami as the next center of US commerce.

The company told Business Insider that the city was home to about 400 Citadel-affiliated employees, including some senior executives.

Jeff Bezos

In 2023, the Amazon founder announced via an Instagram post that he was leaving Seattle for Miami

That fall, Bezos bought neighboring mansions in Miami's Indian Creek Island for $79 million and $68 million, in what was one of the highest-profile moves in Miami's billionaire era.

Bezos cited Blue Origin's operations in Cape Canaveral, Florida, and his parents' relocation back to the city as reasons for his return to Miami, where he attended high school.

Peter Thiel

On December 31, 2025, Thiel Capital — Peter Thiel's private investment firm — announced that it had opened a Wynwood office, saying the space would complement its Los Angeles operations.

The firm also said Thiel has maintained a personal residence in Miami since 2020, when he purchased an $18 million mansion in Miami's Venetian Islands.

In 2024, Thiel moved his voter registration to Florida, further formalizing his move to the state.

Michael Ferro

In March 2025, Michael Ferro Jr., chairman of the private equity firm Merrick Ventures, bought a 2.5-acre estate on Star Island for $120 million, setting what was then a record for a home sale in Miami-Dade County.

He also moved Merrick Ventures to Florida. The investment firm Ferro, founded in 2007 and previously based in Chicago, is now described on its website as a Florida-based private equity company focused on technology.

FC Barcelona

Along with Miami's influx of billionaires, the city has also become the American capital of soccer, with international figures like Lionel Messi and David Beckham investing in the sport's presence there.

In April 2025, FC Barcelona announced it would relocate its North American division's commercial offices from New York to Miami's One Biscayne Tower after receiving an incentive grant from the Miami Downtown Development Authority, an autonomous city agency focused on economic and business development.

Galderma

Galderma, the parent company behind brands like Cetaphil and Differin, announced in June 2025 that it would establish its new US headquarters in Miami's Brickell neighborhood. The company said it expects roughly 150 employees to be based there by 2028.

The skincare company cited the concentration of med spas and dermatology clinics in the Miami metro area, the rapid growth of aesthetic procedures in the region, and the size of the Miami Health District as drivers behind the move.

Playboy

In August 2025, Playboy announced it would relocate its global headquarters from Los Angeles to Miami Beach. At the same time, it announced plans for a new Playboy Club in Miami Beach and new content studios in the city.

The company hopes to open its offices by September 2026.

"Miami Beach is among the most dynamic and culturally influential cities in the country, making it the ideal home for Playboy's next chapter," Ben Kohn, CEO of Playboy Inc., said in the statement.

MSC Cruises

In January, MSC Group's cruise division opened its new North American headquarters in downtown Miami.

The 130,000-square-foot office, located near PortMiami, is a roughly $100 million investment that will house more than 400 employees across MSC entities under one roof, MSC said in its announcement.

Palantir

In February, Palantir announced it had moved its headquarters to Miami.

Regulatory filings placed the company's principal executive office at 19505 Biscayne Boulevard in Aventura, about 17 miles north of downtown Miami.

The address, which is also home to an Industrious coworking space, is located across from the sprawling Aventura Mall and sits above a Sweetgreen, a Starbucks, and a Lego store.

Months before, CEO Alex Karp quietly bought a $46 million mansion in Miami's Venetian Islands.

Howard Schultz

In March, former Starbucks CEO Howard Schultz said in a LinkedIn post that he and his wife were leaving Seattle for Florida after more than four decades in the city. He wrote that they had moved to Miami for their "next adventure together."

The announcement followed Schultz's purchase of a $44 million penthouse at the Four Seasons Private Residences, a waterfront residential tower in Surfside.

The executive, who had long-established ties in Seattle — the city where the coffee chain was founded — is one of the newest neighbors in Miami's high-profile circles.

Mark Zuckerberg

While the social media tycoon has not formally announced a relocation to Miami, Mark Zuckerberg made Miami history in March when he and his wife, Priscilla Chan, purchased a $170 million property on the appropriately nicknamed "Billionaire's Bunker," Indian Creek Island — the most expensive home sale in Miami-Dade County's history.

The still-under-construction property spans about 2 acres on the exclusive island, where Zuckerberg will be neighbors with Jeff Bezos, Ivanka Trump, and other notable figures.

Google's Larry Page and Sergey Brin

Google co-founders Larry Page and Sergey Brin have both made major moves into South Florida's luxury real-estate market in recent months.

Page, who has long been based in Palo Alto, California, spent roughly $173.4 million on two Coconut Grove properties — including a 4.5-acre waterfront compound on Biscayne Bay — in December and January.

In March, Brin, who has also been a longtime California resident based in the Bay Area, purchased the former Allison Island home of LVMH CEO Michael Burke for $51 million.

• Scott Scovel moved to Miami in his 50s, hoping to benefit from lower taxes and cheaper living costs.
• But those costs didn't make as much of a difference as he anticipated, especially after he retired.
• The biggest benefit of Miami was unexpected — he bought a much cheaper home and retired early.

In 2021, at age 58, I followed one of the hottest relocation trends in the US: I moved from New York to Florida.

I'd accepted a new job in Miami that I intended to be my last, and wanted to see what it would be like to retire in Florida. I was drawn by Miami's warm winters, lower taxes, and supposedly cheaper living, but I also loved New York, so I was torn about where I'd have a better retirement.

Now that I'm here, I love Miami's glorious weather and cultural diversity, but I've only found modest benefits from Florida's lower taxes and living costs when compared to my life in New York.

Miami hasn't met all my expectations, but it surprised me in one very important way, and I'm glad I moved here.

Housing costs were dramatically cheaper in Miami, but they're on the rise

During my first few weeks in Miami, I was lured in by the bike rides I could take through lush parks and along glistening blue waters. In the neighborhood of Brickell, I could enjoy a pedestrian lifestyle similar to Manhattan's. By my sixth month, I was ready to commit to living here permanently, so I called a realtor.

I bought a two-bedroom condo in cash for $727,500, using the money from the $1.65 million sale of my two-bedroom Manhattan condo in 2019. With no mortgage, my monthly expenses fell significantly. I suddenly realized I could afford to retire years earlier than I expected, relying on my savings, so I left full-time work in 2022 at age 60.

I was lucky because I took Manhattan money with me to Miami, after nearly 40 years of working in the financial services industry. For other Americans moving from lower-income areas, the "Miami dream" may not be as affordable. House prices in Florida aren't what they used to be: evidence shows Miami condos cost over twice as much as they did 10 years ago.

Lower taxes and living costs didn't make as much difference as I expected

When I received my first paycheck in Florida, I rejoiced because there's no personal state income tax here. New York State and City taxes cost me nearly $40,000 some years.

Now that I no longer have an income from a job, I'm not benefiting in the same way. Lower taxes initially drew me to Miami, but I hadn't properly considered that this factor would lose significance when my income fell in retirement.

I also assumed everything would be more expensive in NYC than Miami, but I've been struck by how comparable many costs are. I still buy clothes from online retailers and household goods from Amazon, meaning the prices don't fluctuate significantly based on where I am.

My weekly grocery bill is perhaps a little cheaper in Miami, but some things were unexpectedly cheaper in New York, most notably transportation, as the subway system beats having to own a car or pay for Ubers to get around parts of Miami.

Miami has great weather, but it can't beat New York's cultural abundance

I absolutely love the Florida weather. I grew up with four-month winters in Minnesota, and during my first year in Miami, I'd brag to friends up north that I now wear shorts 360 out of 365 days. I worried that the summer heat would get oppressive, but it actually hasn't been that bad. I wake up at dawn to exercise, avoid the midday sun, and reappear outdoors in the cooler evenings.

I like that Miami has a diverse population and is a major hub for Latin American and Caribbean cultures. However, I sometimes miss the broader global culture in New York, where I could effortlessly eat great Thai food just blocks from home, take in an African art exhibit at the Met, or attend a European film festival. Miami can be proud of its restaurant and cultural scene, but almost no city can compare to New York's abundance.

I was shocked housing in Miami was so much cheaper than New York

Though I came to Miami expecting to make significant tax savings and benefit from lower day-to-day expenses, I've found that my retirement living costs are pretty similar to what they would've been in New York.

The biggest benefit, however, was unexpected. I was shocked to learn that Miami housing could be so much cheaper than New York. I bought a comparable condo for less than half the cost of my Manhattan home, which eliminated my need for a mortgage and enabled me to retire early. For that, I'm extremely grateful to Miami.

Retiring early means I'm young enough to fully enjoy my golden years. I bask in the Miami sunshine on walks and bike rides, travel extensively to other countries, and have time to pursue all sorts of hobbies, from improv classes to museum trips.

One of the most enduring myths about Florida's history is that European explorer Ponce de León came here in search of the fountain of youth in the 1500s. I'd like to think I've found my own fountain of youth by retiring early in Miami — something that means more to me than a lower tax rate.

Do you have a story to share about moving to Miami? Contact the editor, Charissa Cheong, at ccheong@businessinsider.com

• I've lived in Florida for over 25 years and have explored some of the state's most peaceful islands.
• I love Cedar Key, a charming small town with lots of local businesses.
• North Captiva Island, which is only accessible by boat or plane, is also worth a visit.

When thinking about islands in Florida, places like Key West, Sanibel, or Fisher Island probably come to mind. However, after living in the Sunshine State for more than 25 years, I know there are so many more beautiful places to explore.

Beyond the famous names are lesser-known gems that offer natural beauty, charm, and a sense of escape. Whether you're craving a quiet beach day, a kayaking adventure, or a peaceful getaway without the crowds, these six islands deliver.

Santa Rosa Island feels like a secret paradise.

If you're looking for a beach that feels like a total escape, Santa Rosa Island might just be your new favorite spot.

Tucked along the Florida panhandle, this barrier island includes areas that are part of the Gulf Islands National Seashore, a federally protected stretch of coastline.

I could spend days basking in the soft, sugar-white sand, emerald-green water, and peaceful vibes.

There's plenty to do on St. George Island.

In my opinion, St. George Island is the definition of a true beach escape.

Located on the Florida Panhandle and connected to the mainland by a long bridge, it offers 22 miles of uncrowded beaches, clear water, and an easygoing vibe that's hard to beat.

The island is known for its family-friendly atmosphere, stargazing (thanks to minimal light pollution), and state park, which is perfect for beachcombing, hiking, or just soaking up the sun.

Cedar Key has a charming small-town island vibe.

Located on Florida's Gulf Coast, visiting Cedar Key feels like stepping back in time — in the best way possible.

It's a quaint little island town known for its charm, fresh seafood, and slower pace of life. I also love that most spots are small businesses run by locals.

Instead of modern architecture, you'll find weathered wooden docks and colorful cottages, giving it an old-Florida feel. It's the kind of place where you kayak through calm waters by day and eat local clams on a breezy porch by night.

Duck Key is the perfect place for a romantic getaway.

If you've driven the Overseas Highway through the Florida Keys, you might've zoomed right past Duck Key without even realizing it. But in my opinion, it's totally worth a stop.

About halfway between Key Largo and Key West, this little island is low-key, peaceful, and packed with old-school Keys charm.

I recommend visiting Hawks Cay Resort, which has everything from lagoon-style pools to a dolphin experience right on site. Go kayaking or paddleboarding right from the shore, take a snorkeling tour, or enjoy a cocktail with a view.

Whether you're planning a family vacation or a romantic getaway, the island caters to both, offering activities for everyone.

Gasparilla Island is a quiet seaside escape.

Located off Florida's Gulf Coast, Gasparilla Island is a gorgeous spot with historic seaside charm.

With powdery white-sand beaches, clear waters, and a tranquil vibe, the island is perfect for those looking to unwind and enjoy the outdoors.

At the heart of the island is the charming town of Boca Grande, filled with pastel-colored cottages, golf carts cruising the streets, and a laid-back atmosphere.

On the island, you'll also find the Port Boca Grande Lighthouse, which is, in my opinion, one of the most beautiful lighthouses in the state.

North Captiva Island is a true off-the-grid escape.

If you really want to unplug, North Captiva Island is the spot. It's only accessible by boat or small plane, and there are no cars on the island — just golf carts and barefoot beachgoers.

With very little commercial development here, you'll want to come prepared with snacks, water, and a good beach read. In return, you'll get miles of untouched beaches and a truly remote escape.

This story was originally published on August 28, 2025, and most recently updated on March 16, 2026.