From Holiday to Home: Why so many people are Packing up and Moving to Florida

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Housing is in an exciting place in the U.S. Historically, low interest rates were followed by a pandemic, which rapidly changed the state of the market. Today, prices steadily rise across the U.S., which has put the market in turmoil. Amid these issues, there have been winners and losers. Florida is looking to be one of the big winners.

Florida and Affordability

First and foremost, this isn’t to say that Florida is extremely or even exceptionally affordable. It’s certainly not reaching the highs of other areas such as New York or California. However, many people are moving into Florida, inevitably raising prices.

The average home price is $392,000in Florida. For reference, the average in California is $450,000.

This price is lower than in many states but still above average. In contrast, the cost of living hovers just around the national average. This puts Florida into an interesting space; it’s affordable but not cheap, so why is it so popular? Two factors make Florida's home so appealing: mortgage rates and appreciation.

Currently, Florida is one of the best states at maintaining interest rates. Across the U.S., rates are rising, something which is somewhat inevitable. The fact that Florida is holding on, and more importantly, property is still growing in value, is very attractive. Florida also features lots of new home constructions.

Investment and Entrepreneurship in Florida

More homes and homes that are good investments make moving into Florida an excellent investment. Another minor benefit is the complete lack of income tax in the state. This means paychecks will be bigger, giving citizens a little more wiggle room. Florida also has a big percentage of remote workers, at 16%!i(MISSING)n 2022.

Another inviting factor outside of housing is the booming entrepreneurship. Florida has the single highest percentage of small businesses in the U.S. It’s a great place to start, which is another reason people choose to settle down. Florida’s high volume of cities makes it appealing to people young and old.

It’s easy to think Florida is somewhere grandparents go and settle down. Yet most people coming in are somewhere between their mid-20s to early 40’s. Foreclosure rates in Florida are one realm that the state is starting to crack. Now is a great time to be in Florida, but prices are rising.

This is beginning to lead to a gap between affordability and cost in the state. It’s early, but it’s an effect that likely isn’t going to slow down. And that’s the current state of housing in Florida. Things are great now, if a bit expensive, with a possibility of that shifting.

Luckily for anyone looking to invest in housing, there’s no better time to set a mortgage than now. Florida also doesn’t require high down payments, helping it become feasible even at higher prices.








Source: https://www.makefloridayourhome.com/hs-fs/hubfs/why-are-so-many-people-moving-to-florida.jpg

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