Retirees Walk Away From Florida

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There is growing evidence that people retiring across the US no longer have Florida as their favorite destination. The primary reason is almost certainly storms, which have made buying homes difficult and, in some cases, impossible.

Snow Belt Future

The Federal Reserve Of San Francisco recently published a study titled “Snow Belt to Sun Belt Migration: End of an Era?” The authors wrote, “Given climate change projections for coming decades of increasing extreme heat in the hottest U.S. counties and decreasing extreme cold in the coldest counties, our findings suggest the “pivoting” in the U.S. climate-migration correlation over the past 50 years is likely to continue, leading to a reversal of the 20th century Snow Belt to Sun Belt migration pattern.”

Two huge hurricanes hit the West Coast of Florida last year. Hurricanes Milton and Helene did over $50 billion in damage by some estimates. Much of this was to residents and automobiles. Some people were underinsured and faced significant losses.

Warm Water In Gulf

Due to warming water in the South Atlantic and Gulf of Mexico, these storms will become more frequent and violent. One by-product is that many insurance companies have left or will leave Florida. Some residences will not be insurable at all, and mortgage lenders require insurance.

It is too early to say where retirees may go other than Florida or the Carolinas. Hurricane Helene decimated Western North Carolina.

Phoenix Is Too Hot

One option is the Southwest. However, extreme heat is part of daily summer life in the areas around Phoenix. Last year, there were 100 days when temperatures topped 100 degrees F.

Some retirees may decide they do not want to move at all.