1,000 People Are Moving To Florida Every Month: Here’s Why
The sunshine state has seen an influx of new residents since the start of the pandemic. According to the New York Times, Florida home sales have more than doubled while builders rush to create new homes. So why is it that northerners are setting their sights on Florida? After a year of staying home, Americans have a new appreciation for luxury living, spacious homes, and great weather. The lack of income tax, low cost of living, and tourist attractions to visit post-pandemic don’t hurt either.
No Income Tax & Reasonable Property Taxes
Moving to Florida makes financial sense for northerners. The sunshine state is 1 of only 9 states without state income tax. Fox Business identified that many of the new residents were coming from tax-heavy Northern states including New York, Illinois, New Jersey, and Connecticut. These new residents will also see a break when it comes to property taxes. Wallethub ranks Florida at #24 in the U.S. with an effective real-estate tax rate of 0.89%. This translates to a lot of savings for residents from New York (ranked #43), Connecticut (#48), and Illinois (#50).
Stretch Your Salary With A Lower Cost of Living
Florida also ranks just above average in terms of cost of living. According to World Population Review, Florida comes in just under the U.S. average cost of living with an index of 98.8, a huge difference from New York’s costly 139.1. With working from home becoming a more viable option, many families are choosing to make their salaries go further with lower-than-average costs.
If you’re looking to stretch your dollar even more, you can choose a less populated county. Best Places reports Alachua County’s cost of living index is just 91.5, with an average home cost about $50,000 lower than the Florida average. Northern Florida counties like Alachua are great for keeping costs down, enjoying the natural beauty of the South, and keeping crowded tourist destinations at arm’s length.
Luxury Living and Vacations Every Weekend
The main reason that Americans are flocking to Florida is a reflection of our new normal. An unexpected pandemic had us spending more time at home with our families than ever before. We realized the importance of our surroundings and the nature around us. Many families that are turning to Florida are doing so because of the great weather, affordability of luxury homes, and the beauty of a Florida backyard.
We also got bored during this pandemic. Americans are ready to get back to vacationing! For Florida residents, there are so many options for day tips, weekend getaways, and more. One of the state’s favorite facts is that you’ll never be more than 60 miles from a beach. Meanwhile, huge tourist attractions like Disney World and Universal Studios aren’t far away either - and they offer discounts for state residents. You can enjoy beaches in November or dive into Ginnie Springs in March, all within driving distance from your sunny Florida home.
Is Florida For You?
The sunshine state is a tax haven, a work-from-home dream, and filled with opportunities to make memories with your family. With the demand for homes skyrocketing as northerners move South, the best way to find your Florida dream home is to build it. Buying land and building a home in Florida isn’t as difficult or long of a process as you might think - and Red Door Homes will be here to help you every step of the way. As Florida becomes more and more desirable, your investment will pay off as your home value builds over time. We’re happy to answer any questions you may have. Contact us to get started building your Florida dream home today!