Florida population on the move
We’re at the beginning of a new year, and what a year it’s setting up to be. Last week we talked about redefining what a million dollar property is. This week we’re going to talk about how the state of Florida is being redefined.
When my parents retired to Florida in the early 1970s, the old adage “Florida is God’s waiting room” was alive and well. At that time, Florida retirees would have trouble convincing their children to visit; forget about relocating. Well it’s not your parents’ Florida anymore, and the U.S. Census Bureau is proving it.
A few days before Christmas, the U.S. Census Bureau released statistics ranking the state of Florida as the third most populated state in the country behind California in first place and Texas in second. For the first time, Florida has overtaken the state of New York, just nudging it out of its third place status, an ironic twist since one in t10 new Florida residents relocate from New York. The report goes on to say that an average of 803 new residents arrived in the state every day during the previous year. Florida’s population is just under 19.9 million representing a 1.49 percent growth from July of 2013 to July of 2014.
Florida’s growth is certainly due in part by demographics, with the enormous wave of baby boomers finally starting to retire after recovering financially in the wake of the financial crisis. Their primary homes are worth more, their stock portfolios are fatter and their hair is graying faster than they would like. In addition, Florida has actively solicited business owners from other states prompted by Gov. Scott and The Florida Chamber of Commerce with some very positive results.
As we already know, politically, Florida is already a state that can make or break a national election, making the Southeast a powerful region. Ultimately, this population growth could even change the number of congressional seats, making the state even more influential.
But don’t think that the only people moving to Florida are retirees and Northern business owners; the influx of international buyers is growing annually. A recent report in the Wall Street Journal pointed out that Miami is actively marketing condos to Chinese buyers. China’s share of international buyers within the United States rose to 16 percent in 2014 an increase of 4 percent from the previous year, according to the National Association of Realtors.
And, of course, the Chinese are only one group of international buyers looking at Florida. South American residents have been coming to Florida for years, as well as other international buyers who have helped to turn Miami’s once lagging condo market into one that is now selling like hot cakes.
With more people moving into the state, it’s inevitable that substantial growth will follow. Is it the weather that’s attracting people or the lack of income tax? I don’t know. What I do know is that in the 17 years I’ve lived in Florida, I never experienced a hurricane that came even close to the ones I lived through in the state of New York, so the hurricane threat is not scaring people away.
Redefining Florida – no doubt about it. So sit back and enjoy the changes, especially the great new shopping and restaurants.