Florida’s population has recently been exploding in an unprecedented way. People are flocking to major cities such as Tampa, Miami, Orlando, and Jacksonville, which has all experienced population growth at rates that are 80% or above. The state as a whole has grown by about 3.1 million people in the ten years since 2012, which is larger than the population of 17 entire US states, including Hawaii, New Mexico, and Kansas. It is amazing to see how much Florida has grown in a short amount of time, but it is not altogether surprising.
Florida has recently become a mecca for those seeking a higher quality of life. Whether drawn by the work opportunities, the mild temperatures, or the lower cost of living, there are plenty of reasons that a prospective migrant might be interested in moving to Florida. For example, the average home cost is only $392,000, which is almost half the cost of houses in other popular states such as California or New York. There is also no state income tax, so residents are definitely able to build financial stability in a way that would not be as common in other locations.
The residential housing market in Florida is currently worth over 3.8 billion, which has been bolstered by the thousands of people moving to the state in the last few years. Florida has even surpassed New York for being the second hottest housing market in the nation. Metros within Florida are sure to rise in value to match this demand, but right now are still cheaper and more accessible for new homeowners compared to New York and California. Prospective movers will still need to carefully consider what they need, want, and can afford, but the future for them is very bright in the Sunshine State.