Why New Yorkers Are Buying Second Homes in Miami (And What They’re Looking For)

The ultra-rich have quietly begun moving from NYC’s Billionaire’s Row to Miami’s Billionaire’s Beach. According to an Altarata report, 13,211 ultrarich residents now call Miami their second residence, the highest in the world. While Florida’s sun and beaches play a major role in this shift, there’s more to what the uber-rich see in Florida.

The New Secondary Home Capital

For the first time, Miami has surpassed New York City to lead the U.S. in the number of Ultra-High-Net-Worth (UHNW) secondary-home owners, boasting 13,211 individuals compared to New York’s 12,813.

This accounts for over 75% of Miami’s UHNW residents, the highest share among the world’s top 20 cities with the highest number of UNHW residents. With nearly 5,000 people moving to Miami from NYC every year, it’s clear that Miami’s image has changed from simply being a vacation destination.

The “Why”: Beyond the Sunshine

Miami’s tropical weather and white-sand beaches made it one of the best vacation places in the US. However, the city’s tax policies have started attracting people, too.

This is especially true for residents of New York. NYC’s income tax can reach over 12%, while Florida maintains a 0% state income tax. And for the uber-rich, property taxes are something else. The city’s “mansion tax” can reach 3.9% for properties over $25 million, a cost paid entirely at closing that has no equivalent in Miami.

New York City’s new mayor, Zohran Mamdani, has the uber-rich worried about their money, too. The 2026 Pied-à-Terre tax has passed through the legislature and it aims to add a surcharge on second homes worth over $5 billion. This also includes condos and co-ops used as secondary residences, and worth $1 million or more.

Now, NYC assesses condos and co-ops using a formula that produces values far below market price. Still, let’s take a look at some examples.

For example:

• A $30 million Upper East Side townhouse. Since houses are assessed close to market value, the owner would likely land in the top 1.3% bracket immediately. That could mean a yearly surcharge well into six figures, with little change after year three.
• A condo with a $1.3 million City valuation, roughly equal to a $5.5 million apartment. It would exceed the condo threshold and face the 4%–6.5% scale during the first two years. After reassessment pushed the valuation closer to market levels, the lower house-style rate would apply to a much larger tax base.
• A luxury condo worth about $9 million but carrying a City valuation below $1 million. It could avoid the surcharge entirely in years one and two, then face a sizable annual bill once Phase 2 reassessment reflected its actual market value.

Later revaluation might lead to 5-figure taxes on properties that were originally free from the surcharge, too. Combined with NYC’s weather and relatively worse quality of life, it’s natural for the uber-rich to feel dissatisfied.

So, who’s actually looking to make a move?

The “Who”: A New Breed of Residents

Billionaires like Jeff Bezos, Ken Griffin, Carl Icahn, and Tom Ford are some of the most prominent names with their second homes in Miami. But it isn’t just world-famous billionaires or retirees moving to the region. Tech Entrepreneurs and professionals in finance are moving to Miami and nearby regions.

What New Yorkers Are Looking For in Miami

The buyers coming from New York usually know what they want before they even land in Miami. Some are looking for waterfront homes with private docks. Others want enough outdoor space to entertain without dealing with Manhattan density.

Indian Creek, Star Island, and Palm Island continue attracting buyers who want privacy close to the city. Large lots matter. So do gated streets and direct water access. In some cases, buyers purchase neighboring properties just to create more separation from other homes.

Move-in-ready condos have also become increasingly popular, especially in Brickell and Miami Beach. Buyers tend to prefer buildings with valet parking, private elevators, gyms, spas, and full-time staff already in place. Many are not interested in spending a year renovating a second or third home. They want something finished.

Access plays a role, too. Some buyers specifically look near yacht marinas or private aviation hubs because they travel constantly between Miami, New York, Europe, and Latin America.

V. Where They Are Buying: Neighborhood Spotlights

• Brickell: This is the financial center of Miami. New Yorkers find Brickell’s luxury condo towers appealing for their walkability scores, waterfront views, and quick access to downtown offices.
• Coconut Grove: This area is known for its older tree-lined streets, yacht marinas, and lower-key atmosphere. The neighborhood has remained popular with buyers looking for more privacy without leaving the urban core completely.
• Indian Creek: Better known as the “Billionaire’s Bunker.” High-profile residents like Tom Brady and Ivanka Trump have homes here. Indian Creek homes are popular because they offer private waterfront access and heavier security.
• Coastal Markets: Miami Beach and Palm Beach have seen some of the sharpest price growth in South Florida’s luxury market. Median prices in some waterfront neighborhoods have jumped 44% in just three years as wealthy buyers continue moving into the region. Current Miami listings on Houzeo reflect how inventory in these areas sit deep in luxury price ranges.

Between 2018 and 2022, roughly 30,000 New Yorkers moved to South Florida, bringing an estimated $9.2 billion in income with them. That migration has already started changing Miami’s luxury housing market, especially in waterfront neighborhoods and high-end condo towers.

For many wealthy buyers, Miami is no longer just a seasonal destination. Some are purchasing second or third homes. Others are moving businesses, investment activity, and long-term wealth into Florida as taxes and carrying costs rise in New York City.

The appeal goes beyond the weather. Buyers are paying for privacy, larger homes, marina access, and a lifestyle that feels less constrained than Manhattan. And in many parts of Miami, demand at the top end of the market still shows little sign of slowing down.