We all know that Florida has been the preferred destination for many retirees for decades now. As a matter of fact, take a quick drive down A1A and you will already start seeing the semi-trailers delivering vehicles belonging to our northern friends. In recent years, extremely long & cold winters have brought these seasonal residents down south even earlier. With this said, we are noticing some changes in who is heading south to The Sunshine State.
Not just retirees…
A major trend that has been observed in 2020 is the number of Americans that are still working, but relocating to Florida. It is no secret that residents of states like New York & California are suffering from taxation fatigue. This has been a dominant driver in their exodus from those states. The difference in 2020 has been the pandemic and the significant shift to the remote working environment. Many companies have realized this year that they can still be productive while having their employees work from home. This has led many New Yorkers & Californians to consider moving to more tax-friendly states.
According to a recent analysis by Redfin, almost 47,000 more people searched for homes outside New York than the number who wanted to move in during the third quarter – about 35% more than the 35,000 home searchers looking to leave during the same time period last year. Can you guess which state New Yorkers were searching to relocate to the most? If you guessed Florida, you would be correct.
Nearly 22,000 more website users looked to move into Florida than the number of Floridians who searched for a home outside the state in the third quarter. This is almost double the number in Q3 2019 and the highest net inflow migration potential for the state since economists started tracking migration.
States that have the highest number of people looking to move out to other states all have one thing in common: HIGH TAXES!!! Americans in these states are fed up with their level of taxation & are seeking destinations like Florida. As a matter of fact, the states with the the biggest upticks in people looking to move out of state – minus people looking to move in – since last year are:
- New York
- Washington D.C.
Florida continues to be one of the most desirable places to live in the country. If you are thinking about relocating to or buying a second home in Florida, we can help. As native Floridians, nobody knows the South Florida market better!