Florida Residents Are Moving The Wrong Way
People moved to Florida rapidly for over three decades. That has slowed considerably and is probably about to reverse.
According to Realtor.com. “Last year, Florida gained just 64,017 new residents from net domestic migration, or the total number moving from another state in minus the total moving out. According to U.S. Census Bureau data, that’s down from 185,067 in 2023 and 314,467 in 2022.”
The reasons given were straightforward. The hurricanes and tornadoes they create have become much stronger and more frequent, and this is expected to jump in the future.
Storm Destruction
The storm destruction, in turn, destroys a rising amount of property. This was in the billions of dollars in Florida due to Hurricanes Helene and Milton. Insurance rates soar. Some homes are not insured, and mortgages require insurance. The universe of people who can afford a home drops.
Home prices plunge as the buyer universe drops and current residents want to move from the weather-ravaged state.
“In the past year or so, home shopping for properties in Florida by shoppers outside the Sunshine State has dwindled,” says Realtor.com senior economist Joel Berner. And that will not get better.
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