MIAMI – Long hailed as a haven for retirees, a new analysis of the latest migration trends from StorageCafe reveals that Florida is experiencing a shift as millennials (those between the age of 28 and 43) are taking center stage as the primary age demographic favoring the Sunshine State.
Overall, among the top 10 states for net migration gains, Florida took StorageCafe’s top spot as the country’s leading moving destination.
According to the research, overall, 736,000 people moved to Florida in 2022 and 497,000 left the state, leading to a population upswing of nearly 240,000 people — including a net gain of 34,000 millennials.
Why are millennials moving to Florida?
According to Aura Michelle Mogosanu of StorageCafe, among the roughly 2,015 people who moved to Florida every day, 27% were millennials — and the inviting weather isn’t the only reason. Young professionals and families are likely attracted to Florida’s beaches, the absence of a state income tax and abundant job prospects in hubs like Tampa’s burgeoning technology sector and Miami’s thriving business centers.
Mogosanu also says home affordability is a top driving force behind these relocations.
“Even though the explosion in popularity was accompanied by steep home price increases of up to 31% in the past five years in Florida, homes are still about 13% and 18% more affordable than those in New York and New Jersey,” Mogosanu said. “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 ongoing vitality of Florida’s real estate construction industry continues to play a crucial role in maintaining the state’s competitiveness in the realm of homeownership.
In Jacksonville, more than 37,000 permits were issued for single family homes from 2013 to 2022, the fourth-highest number among the 100 biggest urban hubs. Further, the apartment market experienced significant growth, marked by the issuance of approximately 28,000 permits for multifamily units during the same period.
Where are Florida’s new residents moving from?
In America’s ever shifting residential landscape, the five states with the most households who moved to Florida are New York, California, New Jersey, Georgia and Texas.
Among the top three, about 90,000 New Yorkers made the move Florida’s sunny shores. Not surprising, given that on average, single renters in the Big Apple must allocate just over 71% of their median annual salary of $55,810 to afford the $3,308 average monthly rent. In fact, former city dwellers moved to Florida from New York at a rate 1.84 times higher than from California, which contributed 49,000 new Floridians, followed by 47,000 from New Jersey.
What area of Florida are new residents moving to?
A recent report from Zillow placed Orlando and Tampa among the top 10 hottest real estate markets for 2024 for their blend of job growth relative to new construction, swiftly selling homes on the market, an abundance of potential buyers and the expectation of stable home values. Orlando, Jacksonville and Tampa also secured a spot among the best locations for real estate development.
According to a report from Redfin, more people across the country researched Miami property listings than any other metro area in the country. Four other Florida cities including Tampa, Orlando, Cape Coral and North Port Sarasota – also made the
