By Kelsey Neubauer and Noah Sheidlower
Florida’s real-estate market is changing.
Wealthy out-of-staters have bought homes at extraordinary prices in Florida, reshaping the market. Insider previously reported that this has led to others feeling priced out and considering moves.
Newly released census data showed relocation patterns tied to the Sunshine State.
Between 2021 and 2022, nearly 739,000 people moved to Florida. Meanwhile, according to the data, almost 490,000 people also left the state during that period.
“I think this is the biggest migration that we’re going to see certainly in our generation — but maybe in our lifetime,” Holly Meyer Lucas, a real-estate agent in South Florida, told Insider, referring to the rush of wealth flooding housing markets into tax-friendly states such as Florida, Arizona, and Texas.
Floridians who left stayed in the South
Georgia was the most popular spot for Floridians to move to, followed by Texas.
Meyer Lucas said that Floridians moving to Georgia, Texas, and North Carolina have the same impetus for leaving.
Likely, they are middle-class people such as teachers, nurses, police officers, and firefighters who lived in areas of Florida — such as Jupiter and Palm Beach, where Meyer Lucas is based — that have been inundated with a wave of wealthy newcomers driving the cost of living up, she said.
The typical cost of a home in Florida was about $384,300 at the end of 2022. In this period, the typical cost of a home in Georgia was about $340,000 and the typical cost of a home in North Carolina was about $345,100, according to the real-estate site Redfin.
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