People from all over the United States, and all around the globe, are flocking to Florida looking purchase their new homes and to start a new chapter of their lives here. We love Florida and all that comes with living in the sunshine state, so we understand the draw, but never have we witnessed a resident increase so rapid and so immense.
The latest census data reports an increase of over 200,000 residents this past year alone. Our warm weather, beaches, theme parks, fair home prices, and lack of ANY income tax has always made Florida an attractive place to live, but over the last couple of years, we’ve witnessed the dawning of even more factors driving people to the sunshine state. Retirees have always loved this temperate paradise, so it’s no surprise that with over 3.5 million baby boomers retiring in recent years, many have made their way to Florida. The Covid-19 pandemic has led many to move here as well, forcing millions out of their offices and to work from home, consequently leading many to the realization that they can live anywhere and continue their careers remotely. If you can live anywhere and still do your job, why not move to a state as appealing as ours? These are only a couple reasons amongst many which have provoked people worldwide to reside in Florida, but what really matters is how this drastic increase in residents will affect our state and its markets.
Rising demand has resulted in a steady median home price increase over the recent years, and some people will see this as a negative. Not only do I deny the idea that this is going to have an overall negative impact, but I see this as a positive for all of us Florida homeowners. Florida will remain an attractive place to reside for years to come, meaning over the years our assets will continue to appreciate alongside increasing demand. In my opinion, Florida is by far the best place to make an investment into some real estate, whether it’s in your home, rentals, or even commercial property. With more residents will come more labor supply, more innovation, more consumption, production, and overall economic growth. Sure, we could sit here and try to gatekeep our state, but why ignore all of the good that will come with our new neighbors? People from around the world are going to continue flocking to states like ours, and I feel nothing but positive about the economic progress and advancements that we will see in our Florida future.
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