Who Is Actually Leaving Manhattan? Why Six-Figure Professionals Stay

Posted by Wei Min Tan on February 25, 2026

Every year, headlines suggest an “exodus” from New York.  And yes — some residents relocate to Florida.

But the narrative is incomplete.

For most Manhattan residents earning $150,000+ annually — particularly finance, legal, media, and corporate professionals — relocation is far less practical than media headlines imply.

The reality is more nuanced.

Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.

The Two Groups Who Actually Leave

When you look closely, most relocations from New York City to Florida tend to fall into two very different categories:

1. The Ultra-Wealthy (The 0.00001%)

This group includes billionaires, hedge fund founders, and private equity principals whose businesses are portable.

If you control your capital, your office can follow you.

For these individuals, relocating to Miami or Palm Beach can be a tax optimization strategy — especially given Florida’s lack of state income tax.

But this represents an extremely small percentage of Manhattan’s population.

Most residents — even very successful ones — are not in this category.

2. Cost-Conscious Holdholds

At the other end of the spectrum are cost-conscious households whose income is not directly tied to Manhattan’s highest-paying industries.

For families making $60k to $100k, prioritizing lower housing costs and reduced monthly expenses, relocating to Florida may materially improve cash flow.

This is a rational economic decision based on affordability, not hierarchy.

Wei Min’s article, How to Invest in Manhattan Property

The Overlooked Majority: $150K–$500K+ Earners

The vast majority of Manhattan’s professional class falls in between.

These are:

• Finance professionals in Midtown and Wall Street
• Attorneys
• Corporate executives
• Tech employees
• Media professionals
• Medical specialists

They earn strong six-figure incomes.

But their compensation is geographically anchored.

The ecosystem that supports these salaries is concentrated in Manhattan.

You cannot easily replicate that earning power elsewhere.

Deal example: Halcyon 305 E 51 St.  Midtown East development with floor-to-ceiling windows and swimming pool on 22nd floor.  Since closing, rented at premium rents, driven by the quality, lifestyle and central location.

Why They Stay

1. Job Density = Income Stability

Manhattan is one of the highest-paying labor markets in the world.

The clustering effect matters:

• Investment banks
• Private equity
• Hedge funds
• Law firms
• Corporate headquarters

These institutions are physically proximate.  Career mobility within the city is fluid.

If you lose one job, ten competitors are within walking distance.

Relocating removes that optionality.

2. Career Acceleration Happens In-Person

Despite remote work trends, promotions and deal flow still skew toward physical presence.

High-value conversations happen:

• Over dinners
• In offices
• At events
• Through informal networks

You can work remotely.

You cannot network remotely at the same velocity.

Deal example:  299 W 12.  Client’s West Village pre-war commanding top rents because of building demand.

3. Compensation Premium Outweighs State Tax

Let’s be candid.

Yes, Florida has no state income tax.

But many Manhattan professionals earn materially more than they would in Florida.

If moving reduces total compensation by 20–40%, the tax savings become irrelevant.

The gross income delta often overwhelms the tax benefit.

4. Asset Base & Lifestyle Anchoring

Many six-figure earners in Manhattan:

• Own condominiums
• Have children in private or specialized schools
• Have social and professional networks deeply embedded here

Relocation is not simply a financial calculation — it is a full ecosystem reset.

Manhattan Is a Labor Market — Not Just a City

People often analyze Manhattan purely as a cost center.

High rent.
High taxes.
High expenses.

But for professionals earning $150k–$500k+, Manhattan is also:

• A salary engine
• A career accelerator
• A network amplifier

For this segment, leaving is not as simple as arbitraging rent.

It is a trade-off between cost and earning power.

And for most, the earning power wins.

Wei Min’s article, New York (Manhattan) Property Investing Strategies

The Bottom Line

The idea that “everyone is leaving” is overstated.

Yes, a very small number of ultra-wealthy individuals relocate for tax optimization.

Yes, some households move for lower cost of living.

But the core professional class — those earning strong six-figure incomes tied to Manhattan’s economic engine — largely remain.

Because their income, opportunity, and upward mobility are here.

And until that changes, Manhattan’s professional base remains structurally anchored.

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale