​Florida’s population of million-dollar earners is on the rise.

Florida is attracting more high-income earners, even as their numbers decline in most other states. According to IRS data, the state saw an 8% rise in million-dollar earners from 2021 to 2022, reaching 77,670, while the national total fell by 2%.

This trend highlights Florida’s growing appeal to wealthy individuals, benefiting luxury real estate markets in areas like Windermere and Winter Park. However, developers remain cautious, uncertain about when demand for high-end properties will peak. Brendon Dedekind of Trammell Crow Co. notes the challenge of timing investments despite the expectation of continued growth.

Ongoing developments are prioritizing accessibility to major employment hubs, as affluent buyers seek spacious homes in convenient locations.

This article originally appeared on Florida Realtors