When many people think about the state of Florida, they typically think of beautiful beaches, vacation destinations, & retirees. While these are all accurate descriptors for The Sunshine State, they are many more factors that make this wonderful state one of the top destinations in the country for people of all ages.
Did you know? Florida’s population grew by 14.6% over the last decade. This equates to 2.7 million more people moving into the state. Although there are still many retirees moving into the state, it is the working class Americans that are truly taking advantage of their newfound remote working environments.
Businesses are moving to Florida
With no state income tax and an overall business friendly environment, many companies are opting to relocate to Florida. In particular, Florida is becoming a hotspot for banking and financial services, while Miami is as emerging as one of the hottest new tech hubs in North America today. Needless to say, this is leading to more high-paying jobs and overall attraction of top talent in these sectors. Targeted advertising in major hub cities such as New York, Chicago, & San Francisco is adding to the overall interest from company executives.
Florida’s job vacancies are back at pre-pandemic levels and unemployment numbers are reaching record lows while average city salaries are climbing. In addition to creating more jobs overall, the increase in number of offices being opened throughout the state is also positively impacting existing businesses already here.
Housing costs are lower when compared to other big cities
Although housing prices have increased approximately 10% over the past year as more people move to Florida, it is still an attractive real estate market as compared to other areas such as New York. The average price for a house in Florida is $277,429, rising to $323,094 in Palm Beach County and $407,245 in Miami-Dade County. For comparison, in New York, average house prices are $323,094 for the state and $649,490 for the city. In addition to average home prices, the overall cost of living can be between 6% – 10% less in Florida as well.
Summary
In addition to the above factors, Florida’s economy has been open for business longer throughout the pandemic than many other areas. This not only has helped the economy rebound, but it has also attracted more people to relocate to the state. Needless to say, the future of the Florida economy is incredibly bright. The combination of more companies moving to the state and more Americans of various ages following suit, make the state’s economy poised for continued growth.
From a real estate perspective, we see these economic factors as being very positive for the strength of housing. Are you ready to buy property in South Florida? We can help. As South Florida natives, nobody knows the South Florida real estate market than Live South Florida Realty, Inc. We look forward to assisting you.
