Florida Is Winning the Race for Gaining Residents [analysis of newly-released census data]
Francesco Abbruzzino, The Uncensored Report, LLC
The pandemic opened up the floodgates of interstate mobility, which reached a decade-high in 2022 with approximately 8.2 million people on the move. That has meant an influx for certain states and an exodus from others.
So, where do Americans want to live right now — and why?
Unsurprisingly, Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, was the state most people moved to in the U.S. in 2022. According to our research, Florida attracted around 238,000 more residents than it lost.
What is surprising is that while Florida’s allure is traditionally attributed to retirees, it is witnessing an influx of young Americans seeking new opportunities. Among the roughly 2,015 people who moved to Florida every day, 27% were millennials.
Here is a snapshot of the notable findings regarding Florida uncovered by our research:
- Northeasterners flock to the Sunshine State: weary of taxes and cold weather, New Yorkers represented roughly an eighth of the 735K newcomers. In fact, individuals moved to Florida from New York at a rate 1.84 times higher than from California, the next highest contributor of migrants to Florida.
- Why are so many people moving to Florida? Housing affordability has been 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. But the most substantial benefits await those trading California for Florida, as they are halving their homebuying costs. They could potentially save approximately $364K 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.
- Who is the typical person moving to Florida? The typical mover to Florida makes $63,000 a year and has an average age of 39. Additionally, the Sunshine State is drawing in a well-educated demographic. A full 34% of its new residents have earned at least a bachelor’s degree. Also, an appreciable 15% of those moving in are working from home.
- From a generational standpoint, perhaps unexpectedly, millennials made up the largest portion of movers to Florida at 27%, many of whom moving for retirement. They were followed by boomers as the second-largest generation by percentage of movers at 22%, while Gen Zers represented slightly over 10%.
- The self storage market in the state is well prepared to support intense move-in activity, boasting approximately 9 square feet of storage space per capita.
Please find the full analysis of the latest census data and insights in our report, which aims to provide a nuanced understanding of the evolving landscape of interstate mobility: https://www.storagecafe.com/blog/state-to-state-moving-trends/.
Aura Michelle Mogosanu
Communications Specialist | StorageCafe
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