Florida has just surpassed New York as the second hottest housing market in the United States. The population is booming and many experts have been left wondering, why are so many people moving to Florida?
The Rise of Florida
The sunshine state has shown tremendous population growth between 2012 and 2022, increasing their overall population by over 3 million people. This makes Florida more populated than 17 other U.S. states. Some of the most populated cities in the state are Jacksonville, Orlando, Tampa, and Miami, all of which have seen a spike in new residents in recent years. Even some of Florida’s smallest municipalities have seen growth, especially in the wake of the pandemic.
Florida currently has a residential housing market of nearly $4 billion. This impressive number is causing thousands of homeowners to move to Florida. These recent changes can also be attributed to differences in the Floridian work culture and the overall quality of life in the state. Studies have shown that more than 16% of all Floridians worked remotely in 2022. This is a number that is only expected to rise in the coming years. In addition, Florida saw the third highest employment increase of 2023. The quality of life in Florida is a game changer, with temperate weather and a lower cost of living in comparison to other populated states.
The real estate market is the most dynamic and growing aspect of Florida’s economy. In 2023, new building applications reached numbers higher than California and New York combined, and average home prices remained lower than those same states. Despite these perks, it is still imperative to determine what one may want, need, and can afford in terms of housing. Luckily, as many first time homeowners are making their way to Florida in hopes of making the sunshine state their home, there are many services and third party groups that are dedicated to guiding these movers to success. Anything from location suggestions, to mortgage help, to loan or down payment guidance, these services are available to anyone who needs it.
Conclusion
It isn’t always easy to navigate a move to a new area alone. However, experts agree that it is important to be educated on relevant news and resources to streamline and quicken the home-buying experience. This is where third parties come in, helping those all around the United States to make the beautiful state of Florida their new home.
