Why Buyers Are Flocking to Miami
The Wall Street Journal published an article on Monday that describes in detail how Miami is benefiting from other states’ recent tax laws. Buyers from states like New York, New Jersey, and Illinois are now headed south, most prominently to Miami, as a result of a 2018 tax law that capped deductions. The article also reports that Florida had the highest net domestic migration in the country from July 2017 to 2018, while New York and Illinois lost the most residents to other states. Moreover, Florida has seen a 2.7% increase in jobs, with a low unemployment rate of 3.3%. With a rise in people moving to the area, this is the perfect time to make that long-awaited decision to rent out your properties.
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Check out The Wall Street Journal’s full article here, Out-of-State Buyers Flock to Miami.