It certainly seems as though The Sunshine State has been the most popular destination for relocating Americans over the past several years. Of course, the rapid rise in the popularity of the virtual working environment has removed all geographical barriers for many Americans. Needless to say, this has opened the door for a relocation to paradise. Add in the beautiful beaches, tropical climate, and a lack of state income tax and the decision to relocate to paradise becomes much easier for most people. Perhaps the final straw for many Americans moving to Florida during the pandemic was simply the fact that the state provided freedom from restrictive mandates and lockdowns. In addition to simply counting the number of out-of-state license plates driving around Florida, data from wireless carriers is also confirming this great migration.
Demographic trends according to wireless carriers
It is rare to hear a wireless carrier comment on demographic trends, but this is precisely what Verizon Wireless did in a recent press release. According to the wireless carrier, the state of Florida has seen a “recent massive, pandemic-related influx of people.” Kyle Malady, Verizon’s EVP of networks and technology, is quoted as saying: “With the evolution of the distributed workforce resulting from the pandemic, we’re seeing more people permanently change locations to Florida, and other places. Experiencing the impact of this influx, we revised our forecasting models and are pouring additional capital into the state to grow our coverage and capacity to meet the increased demands.” As a result of this population growth, Verizon will be spending $149 million more to build Florida networks than it had expected to pre-pandemic.
Of course, Verizon is not the only wireless carrier with lofty plans for growth in The Sunshine State. AT&T initially planned on rolling out its 5G C-Band rollout in 8 eight cities throughout the U.S., but 3 of these cities were in Florida (Jacksonville, Orlando, & the Miami metro area).
Summary
Although the Verizon press release did not indicate where its customers were moving to Florida from, it is telling that this demographic shift would even be mentioned in a wireless provider’s press release to begin with. For those of us that are South Florida natives, it seems as though the secret is out that Florida is an amazing state to live in. As for South Florida real estate, this news should be encouraging for property owners. With demand continuing to increase, investing in South Florida real estate should provide great returns moving forward. Are you thinking about investing in South Florida real estate? We can help. Contact Natasha at Live South Florida Realty, Inc. today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
