Relocating To Florida On The Rise

June 2, 2020

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Even before the COVID-19 pandemic, statistics showed that many northerners were packing up their belongings and relocating to Florida.

Florida has always been an attractive state to many people and business owners for several reasons.

The most obvious being the sunny weather and sandy beaches – who wouldn’t want to live here?

Florida is also a well-known haven for retirees as the state does not collect income tax nor statewide estate tax. The median real estate tax was as low as $1,938 in 2018. And for the wealthier population, the tax relief benefits Florida offers have forever been an attractive reason to take up residency in the Sunshine State.

But the federal Tax Reform Act of 2018 provided a new and highly attractive incentive to relocate for many northern residents in states like New York whose top tax rate is nearly 9 percent! In fact, the IRS data shows that New York lost $9.6 billion in net personal income due to migration elsewhere in 2018.

So where are those big dollars going?

Well, much of those dollars are coming right here to us in South Florida!

Florida was ranked number one on U-Haul’s top growth states of 2019 which is an improvement from its second-place ranking in 2018. South Florida cities including West Palm Beach were also ranked in the top 25 designations with one-way arrivals showing a 3% increase to Palm Beach County since 2018.

Real estate in Florida – particularly in our local community – had been on the uptick since the federal ruling.  To no surprise, the real estate market has significantly slowed due to the coronavirus. But there is no doubt that we will start to see an increase in northern migrants to our sunny state like never before!

Resident in the northern areas – particularly densely populated communities within New York and New Jersey – will be seeking more open spaces here in the south. In addition to tax relief for many, many Florida counties also offer attractive assistance programs for new and first-time homebuyers.

If you or someone you know is ready to make the move to Florida – or maybe they just want more information to explore their options – I would love the opportunity to help them!

Relocating can be an overwhelming process, but with my extensive experience and turnkey services, I guarantee that I will help to relieve a significant amount of time and stress!

I look forward to working with you and your referrals!