Florida Attracts 8.2 Million New Residents
Out-of-state folks are taking the longer route and relocating to Florida more now than ever before. From the state's beautiful waters and year-round sunshine to more affordable housing options, it is no surprise why Florida has emerged as their top choice. Florida’s housing inventory and favorable housing pricing are only a few attributes that have contributed to the state's significant influx of newcomers, with 8.2 million Americans relocating across state lines.
Among these movers, Millennials, comprising approximately 2.8 million individuals aged 24-39, represent the largest generation seeking homes in Florida, followed by New York, California, and New Jersey. These are the most popular originating states for these newcomers as they look for improved options and lower prices. Some of these benefits include Florida’s housing inventory, which stands out to out-of-state movers, with 0.46 units per capita.
With housing inventory looking favorable to these folks, according to Storage Cafes 2022 report, “Those who relocate to Florida have a personal income higher than the state's average, which explains why 51% of these newcomers successfully transition to homeownership within their first year.” Additionally, the state offers lower housing costs, which further explains the surge in migration from out-of-state folks to Florida.
Alongside affordable living, there are many benefits for those wishing to come to the Sunshine State like its increase in infrastructure and real estate landscapes to accommodate these new residents and businesses who seek to move here. Not only that, but Florida’s real estate construction sector remains a pivotal factor in maintaining the state’s competitiveness regarding homebuyers and its success as a profitable and desirable moving destination.
The allure of new opportunities and a sense of affordability attract out-of-state individuals, particularly Millennials, to explore homebuying avenues in Florida. They are drawn by the ability to save money and the ability to have more home-buying choices. As you can see, these out-of-state home buyers are coming down not only to embrace the sunny climate but to seek better opportunities to plant roots here in The Sunshine State.
Samantha Minns
RWorld Content Writer
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Source: RISMedia, StorageCafe