Are people still moving to Florida?

[Anonymous]

I haven’t seen any of the once ubiquitous articles about how everyone from the NE moved to FL. Are people sick of it already? Are they moving back? What’s happening in your circles?

[Anonymous]

"sick of what" already?

[Anonymous]

Anyone with kids who wanted to move already did. I think that migration is done. There will still be some who move for work, but it won't be the exodus we saw during COVID.

Baby Boomers are in the early days of retirement and still ramping up their moves to Florida. In short, I'm bullish on Florida's continued growth given the demographics of recent retirees.

[Anonymous]

My client just moved from Silicon Valley to Miami to set up a new branch of her company.

[Anonymous]

Yes. We’re moving and houses are still selling quickly and for a premium there. Not sure who else is buying, though.

[Anonymous]

Only Repub boomers.

[Anonymous]

Anonymous wrote:"sick of what" already?

The heat, the boredom. Many NYers thought Miami is the same as NY with a warmer climate. They realized their mistakes eventually and I think some are returning.

[Anonymous]

Anonymous wrote:Yes. We’re moving and houses are still selling quickly and for a premium there. Not sure who else is buying, though.

good luck with that.

Florida is only going to get way worse.

[Anonymous]

Most people I know who moved to FL recently have 2-3 houses and move between them. Some of them always had the FL house but now are spending more time there and making it their primary residence.

I was in downtown Miami last week for work and it was packed - didn't have that hollowed out, money laundering, empty apartment vibe it used to have.

Massachusetts is voting on a 4% wealth tax next week. If it goes through I wouldn't be surprised if more wealthy people change their legal residence to FL.

[Anonymous]

It is almost free to live in Florida. I say that as my empty Nestor brother who WFH moved there. He makes 500k a year.

In NY with 8 percent tax he saved 40k. Plus saves another 12k a year on property tax.

He has around 5 million in 401k. He is 62 and did max since 22. His wife did 15 years in 401k. That is 55 years of 401ks!

By time he does RMDs NY taxes would kill him. He has to start then at 73 which is around a 25 year life expectancy. He might be at 10 million by ten. Which is $400k RMD. 50k SS between him and wife and he already has around 5 -7 million after tax paying close to $500k a year on interest and dividends.

He will be at one million a year income at 74! That’s 80k a year.

Why old folks in Florida

[Anonymous]

We are in the process of closing on a house there right now. Near the beach and beautiful

[Anonymous]

Yes, they are still moving to Florida. Hopefully the upcoming elections will make more states easier to live in like Florida is.

[Anonymous]

I read an article within the last couple months that said that the pandemic boom of moving to FL is over. Now FL is just seeing regular influx, which is still a lot of people because people have always moved to FL for retirement, work, etc. However, population growth wasn't actually a lot during the pandemic because the birth rate was much lower and the death rate much higher than average. Now there's little to no population growth and a forecasted growth of just over 1% over the next several years.

I'm house hunting in Central FL, and there's a disconnect between buyers and sellers right now. Sellers still want close to peak pricing but buyers won't pay it, so homes are just sitting. Lots of homes that go under contract go back on the market. Prices have softened here and I'm betting that they'll continue to fall quite a bit more. They went up so much during the pandemic, so there's a lot of room to fall.

[Anonymous]

Anonymous wrote:Yes. We’re moving and houses are still selling quickly and for a premium there. Not sure who else is buying, though.

Not true. There was a 1 month supply just a few months ago, which has swelled to 7-12 months supply in many towns in Miami Dade.

[Anonymous]

Anonymous wrote:I read an article within the last couple months that said that the pandemic boom of moving to FL is over. Now FL is just seeing regular influx, which is still a lot of people because people have always moved to FL for retirement, work, etc. However, population growth wasn't actually a lot during the pandemic because the birth rate was much lower and the death rate much higher than average. Now there's little to no population growth and a forecasted growth of just over 1% over the next several years.

I'm house hunting in Central FL, and there's a disconnect between buyers and sellers right now. Sellers still want close to peak pricing but buyers won't pay it, so homes are just sitting. Lots of homes that go under contract go back on the market. Prices have softened here and I'm betting that they'll continue to fall quite a bit more. They went up so much during the pandemic, so there's a lot of room to fall.

I am seeing the same. I assume the properties don’t appraise and buyers can’t get loans.