More apartments are being built in Miami than anywhere else in the US, the Wall Street Journal reported.
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Now, "the Florida housing market is undergoing a restructuring as a result of the work-from-home phenomenon," housing expert Jonathan Miller told Insider.
Particularly in South Florida, it's a sign that these wealthier newcomers — mostly from the northeast — have permanently altered Miami's housing market, Miller said.
For wealthier newcomers who moved from the northeast, Miami luxury housing is actually comparatively cheap, Miller said.
Persons:
Jonathan Miller, Miller, Daryl Fairweather, Rich, Eli Beracha, Mercedes Cabrera, WPTV
Organizations:
Wall Street Journal, Service, Wall Street, Redfin Corp, Bloomberg, Hollo, Real, Florida International University, Dade, Street Journal
Locations:
Miami, Wall, Silicon, Florida, South Florida, Real Estate, Manhattan, Broward, Palm Beach, Hileah, Dade County, Southeast Florida