Real estate in Florida has been in high demand since 2019. From July 2021 to July 2022, Florida’s population increased to over 22 million. Population growth of 1.9% in 2022 was the highest of any US state, surpassing that of Idaho and South Carolina, whose populations increased by 1.8% and 1.7% respectively.
Of the 150 most densely populated metropolitan areas in the United States, 14 are located in Florida, with 11 of them among the 25 fastest growing cities in the country. So why are more people buying or renting houses and apartments in Florida and moving to the Sunshine State? Polls show there are a number of factors motivating them to do so.
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Weather
The top spot among the reasons for moving, according to surveys of migrants, is shared by two factors: climate and jobs. The weather in Florida is sunny, hot in summer and warm in winter. The south of the peninsula is basking in endless summer, while the north extremely rarely — once every 10 years — experiences snow, which falls only to melt right away without damaging the numerous orange plantations.
Tired of the harsh New York winters with their piercing damp wind from the Atlantic, residents of this metropolis rank first among Americans migrating to Florida. Icy wind from the Hudson at -10 °C or eternal sun and Miami beaches of soft sand at +28 °C in February? A growing number of New Yorkers are choosing the latter. Other major northern cities that are most active in supplying new residents to Florida are Chicago and Atlanta.
Jobs
Jobs are cited as a reason for moving as often as climate. If Miami is the state’s hub of international trade, then the main sources of employment in Orlando are large amusement parks such as Walt Disney World and Universal Orlando Resort.
However, Americans from northeastern states by no means always decide to trade their home for a house in Florida after receiving a job offer from one of the companies in the southern state. Many migrants explain that with the option to work remotely, which was adopted by many companies amid the coronavirus pandemic, they no longer need to be physically near their company’s office in Boston or New York. Therefore, they move to where it is much more comfortable to work from, that is, to Florida. Here, professionals can work out on the beach in the morning and lounge with a cocktail by the ocean after a working day, while it snows in the US capital, Washington, DC, located north of Florida on the Atlantic coast, or further north in Chicago, with local authorities warning drivers of the dangers of driving on icy roads.
Wide range of affordable housing
There are many places in Florida where you can move. They may be by the ocean, near numerous nature reserves or amusement parks. Miami, the state’s second most populous city located in South Florida, is known as a global hotspot for major international business deals. Meanwhile, cosy cities in Central and North Florida such as Pensacola and Tallahassee offer a completely different feel of a classic small American town.
You can find off-plan projects in Florida or residential properties on the secondary market. You can find waterfront villas in beach or lake towns, which can be the perfect place to work in the tourism industry or just a place to raise children or enjoy your retirement.
Almost every major city in Florida provides a full range of housing, from one-bedroom apartments to luxury beachfront mansions. Naturally, some cities offer a lower cost of living than others. According to the U.S. News Housing Market Index, as of March 2023, the median home price in the Miami area is $500,000, while the median rent is $2,871.
This is higher than the national median home price of $401,000 and the national median rent of $1,996. However, in the Tampa Bay area, homes are cheaper than the national median, with a median selling price of $366,000 and a rent of $2,098.
Low taxes
Survey respondents also frequently cited lower taxes as a reason for moving to Florida. The state has a low VAT, due to which the prices of many goods and services are cheaper than in other areas of the United States.
Fond vacation memories
It’s funny, but completely understandable why many migrants named “fond vacation memories” as one of the reasons for moving to Florida. For this reason, Americans from northeastern states choose the Tampa Bay region, the Florida Keys, or small towns near Miami.