Traditionally Florida It was the destination of American retirees. Good weather, beautiful beaches and a low cost of living allowed them to maintain a high standard of living even when they were no longer making money.
But the International distribution It changed everything. with Remote work People have to choose where to live, who chooses the cold Northeast or the expensive area California, when Florida had a better option. But the phenomenon deepened and along with remote workers, companies began to arrive, especially in South Florida, bringing with them permanent in-person jobs.
This phenomenon is still active, although little by little it is starting to slow down. So far, in 2023, 56% more people have chosen to move to Florida than have left the Sunshine State. According to data from United Van Lines, it will increase to 58% in 2022 and 61% in 2021.
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There is no doubt that Florida is still very attractive, but not as accessible. Property values froze for the first time in the past three months, after property values rose 50% in the peak years. But as has happened in other hot markets during the pandemic, the freezing high is no less. AustinIn Texas, OR Phoenix, in Arizona. That is, the value of the attribute is high, maybe not as high as it should be NY Or California, but certainly much more than other states.
Along with this interests across the country mortgages is increasing and this makes the monthly cost higher. But another distinguishing element of Florida is the high cost Insurance. In a region that is frequently hit by inclement weather such as floods or hurricanes, the cost of insurance has skyrocketed.
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Although it’s early days, the trend of people moving to Florida is starting to cool. But as is often the case, the phenomenon is not the same in all markets. Tampa saw a 3.8% decline in property values from a year ago. In Jacksonville, the drop was 2 percent. But Miami had an 8.9% increase, the highest in the entire country.
Those who already believe that moving to Florida is not a good idea, not statistically. Millionaire Peter Thiel He has been quoted by various outlets as saying that with rising property prices in Florida, it would not make sense for him to move his company there from California.
While it’s true that the cost of living in Florida is on the rise, as a result of all these new residents arriving after the pandemic, there’s one odd element that’s almost unbeatable: Florida doesn’t exist. State tax. That makes a big difference compared to states like New York or California.
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