The New Gold Rush… California to Florida
Out with the old and in with the new is the latest mindset and trend from Californians as they leave their state and move to the opposite side of the country and take up residency in Florida.
For many years, Florida experienced a large migration from people in the colder northeastern states like New York due to the warmer weather and the cost of living. Historically, when Californians seemed to move, they typically relocated to the Lonestar state (Texas). For the past two years, statistics have shown that the number of Californians moving to Texas marked the largest state-to-state movement in the U.S.
Recently, there has been a decrease in real estate in Texas, especially in some of the larger cities, because the cost of living and property values have significantly increased. Since the pandemic era, there has been an increase in Californians rerouting their GPS to Texas and cruising directly to Florida, or some might say trading Hollywood, CA, for Hollywood, FL, or even Disneyland for Disney World.
Why is the Sunshine State the new destination of choice? The numbers show the influx of people switching states not only because of Florida’s lower expenses, housing, cost of living, and job opportunities but also because California is going to become the second most expensive state after Hawaii. Housing costs have been driving big decisions for those who want to move out of California. Those younger folks and the majority may migrate to the only place where the housing costs are more affordable for them.
With many people moving to Florida, the increase in population could potentially increase the value of homes rapidly in Florida. So, if you are looking for a home to purchase in Florida, now may be the perfect time to do so.
Samantha Minns
RWorld Content Writer
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Source: Florida Realtors®