Why Millennials are flocking to Florida
A recent survey indicated that 27% of the almost 2,000 people who relocate to Florida each day are millennials, defined as those between the ages of 28 and 43. The availability of jobs and their low cost attract them.
Long regarded as a retirement haven, Florida is undergoing a transformation as millennials—those between the ages of 28 and 43—take center stage as the main age group choosing the Sunshine State, according to a new study of the most recent migration trends from StorageCafe.
Florida has emerged as the nation’s most popular relocation destination, according to StorageCafe, ranking first among the top 10 states for net migration gains.
The study found that 497,000 people moved out of Florida and 736,000 people relocated to the state overall in 2022, creating a net gain of 34,000 millennials and a population increase of about 240,000.
Why are young people relocating to Florida?
Aura Michelle Mogosanu of StorageCafe reports that 27% of the approximately 2,015 individuals who relocated to Florida each day were millennials, and this number isn’t just due to the state’s pleasant climate. Florida’s beaches, lack of a state income tax, and plethora of work opportunities in hubs like Tampa’s growing technology sector and Miami’s strong business centers are probably what draw in young professionals and families.
Mogosanu adds that one of the main factors behind these moves is house affordability.
Mogosanu stated that despite the steep home price increases of up to 31% in Florida over the past five years, homes there are still between 13% and 18% more affordable than those in New York and New Jersey. She added, “But the most substantial benefits await those trading California for Florida, as they are halving their home buying costs. They could potentially save approximately $364,000 in home acquisition costs by making the swap. It may come as no surprise then that an amazing 56% of Californian transplants become homeowners during their first year in Florida.”
The sustained dynamism of Florida’s real estate building sector is crucial for preserving the state’s competitiveness in the domain of homeownership.
From 2013 to 2022, Jacksonville had the fourth-highest number of single-family dwelling permits issued out of the 100 largest metropolitan hubs, with over 37,000 issued. The granting of about 28,000 multifamily unit permits during the same time period also shows that the apartment market expanded significantly.
Where are Florida’s new residents moving from?
The five states with the highest number of households relocating to Florida in America’s constantly changing residential environment are New York, California, New Jersey, Georgia, and Texas.
About 90,000 New Yorkers moved to Florida’s sunny coasts, ranking among the top three. It was not unexpected, considering that the average monthly rent for single renters in the Big Apple is $3,308, requiring them to set aside little more than 71% of their median yearly wage of $55,810. In actuality, the rate at which former city residents relocated to Florida from New York was 1.84 times higher than that of California, which sent 49,000 new Floridians, and New Jersey, which sent 47,000.
Which region of Florida is the new home for the residents?
Orlando and Tampa are among the top 10 real estate markets for 2024, according to a recent Zillow research. These cities have a healthy mix of job growth in comparison to new building, quick home sales, a large number of prospective buyers, and steady property values. Tampa, Orlando, and Jacksonville all made the list of top places for real estate development.
More Americans nationwide than any other metro area looked for real estate listings in Miami, according to a Redfin analysis. The top 10 also included four other Florida cities: North Port Sarasota, Cape Coral, Orlando, and Tampa.
This article originally appeared on Florida Realtors
