If you are a Floridian who believes that you've noticed increasing traffic on the roads, more people visiting the grocery stores, and more construction around town, it may not be your imagination.
Data shows that between 2021 and 2022, the sunshine state grew by over 400,000 new residents. As a result, more people needed services and homes. And a few results of those needs was that the price of buying or renting a home increased and crowding intensified.
Not everyone living in Florida was happy about these changes, and a study from information technology services company Mphasis Digital Risk attempted to quantify some of these feelings by surveying Floridians.
About the Study and the Topics: Mphasis surveyed 1,077 Florida homeowners about their feelings on migration to the state, their thoughts about moving from their current location, their experiences with being approached to sell their property, and their concerns about the housing market. A high percentage of respondents (over 70%) had lived in Florida for over a decade.
The Findings: Mphasis found frustration amongst some Floridians with the state of the housing market and the effect of migration. Specific results were as follows:
Frustration About Those Moving to Florida From Out of State and the Price of Housing as a Result: In truth, people from other parts of the United States have been coming to Florida in record high numbers for a few years. And this has not gone unnoticed by Floridians. Over 73% of respondents in the survey said "too many" people are moving to Florida from out of state.
Considering this, it may not be a surprise that 72% of respondents said that the housing market is "too expensive."
Some Floridians are Considering Moving to Another State or to Another Part of Florida: Over half of the respondents said they'd been approached by someone about selling their home, and 46% said they would consider doing so if they could find cheaper real estate somewhere else.
51% said they would consider moving out of Florida entirely, while 67% said that they'd consider moving to a different part of the state.
Residents in specific areas of Florida were more likely to consider moving. They were in the following counties:
Palm Beach County
The Feasibility of Saving Money and Avoiding Crowding in Florida by Moving to Another Part of the State: It's interesting to note that it appears respondents were more willing to move if they were in more populated counties of Florida. These counties tend to have higher crowding and home prices.
But, those trying to find bargains and less crowding in other areas of the sunshine state could be a bit disappointed. Because cities that had previously flown under the radar such as Cape Coral, Port St. Lucie, and Lakeland are among the state's fastest-growing.
As a result, they too have seen sharp increases in home prices. For example, Cape Coral was named one of the most overpriced housing markets in the country by a Florida Atlantic University study. That is just one example. Multiple Florida cities have been called overvalued.
Jeffrey C. Taylor, co-founder and managing director of Mphasis Digital Risk, said of the study, in part:
"...Weather, family, amenities, and taxes, in that order, are the chief reasons homeowners cited for living here. However, it’s clear that the state’s booming popularity may force longtime residents to rethink living in their communities or even Florida itself.”
Of course, everyone has a different opinions. Some Floridians are content in Florida despite any changes and would not leave. Everyone has different needs and desires about the place they call home.
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