80% Migration Drop Is Panicking Landlords in Florida
Did you know Florida has a negative birth to death rate (births minus deaths)?
That’s why migration to Florida is SO important. Florida relies on migration to grow its economy long-term. Further, real estate and real estate services are THE largest factor in Florida’s GDP.
That’s why when migration is down and real estate market is down, the entire state is significantly impacted.
While during 2021-2022 people were moving to Florida in troves due to a low cost of living and no personal income taxes (not to mention the pandemic policies!), the mass migration ended up pushing up Florida housing prices by 68%.
Prior to the pandemic bump, Florida was relatively attractive from an affordability stand point. Now, locals face rising costs, high property taxes, elevated housing and insurance costs, and often face severe weather events.
That’s why, migration in Florida has fallen 80% from 2022 to 2024. Further, we now hear on the ground that many residents are packing up and leaving Florida — either because of their jobs, after learning about return to office or being laid off, or because of the new high cost of living that they didn’t expect they’d need to keep up with.
The change in affordability, and lack of migration, along with overbuilding, has caused residential real estate inventory to rise 375% since January 2022.
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w: thinkbigquestioneverything.com
e: jon@movewithmomentum.com