Florida has been one of the top vacation destinations in the country for many years. Whether it is the beautiful beaches, tropical climate, or magical theme parks, many seek The Sunshine State to relax and enjoy a bit of paradise. In fact, before the pandemic began Florida recorded an estimated 131 million visitors in 2019 alone!
Of course, it is not only a vacation destination. Arguably the most popular retirement destination in the country, many Americans decide to spend their golden years in this great state that offers year round golfing, tennis, and beach access. Furthermore, the lack of a state income tax is also a big factor for many.
The migration to Florida will continue
Did you know? For the past few years, Florida’s population grew at double the rate of the entire U.S. population. Between April 2020 and April 2021, almost 330,000 people moved to Florida. Move.org reported Florida as the #1 destination for moving Americans in 2020. Looking ahead, the Florida Office of Economic & Demographic Research projects 845 new residents per day between April 1, 2020 and April 1, 2025.
In addition to the allure of this tropical paradise, Florida also boasts a thriving economy as well. In fact, according to the Florida Chamber of Commerce’s data for 2020, if Florida were an independent country, it would have the 15th largest economy in the world. If this is not enough, we are also seeing a trend with companies in the financial sector relocating to Florida as well. Areas such as Miami, FL & West Palm Beach, FL are becoming the southern version of Wall Street. Due to the fact that these are typically high-paying jobs, we expect the high end real estate markets in these areas to continue to thrive as well.
Florida is home to some of the most diverse natural land in the United States. The state boasts over 1,350 miles of coastline on both the Gulf of Mexico and the Atlantic Ocean. In addition to being a top destination for tourism and retirement, we are now seeing more working Americans permanently relocating to The Sunshine State as well. Needless to say, the demand for South Florida real estate should remain strong for many years to come.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. 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. At Live South Florida Realty, Inc., we have 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!