Florida continues to experience record population growth, and the pandemic has sped up the migration to the Sunshine State. Florida ranks second, only to Texas, in population growth.
Pew Chartible Trusts’ study found that 241,000 people moved to Florida so far during the COVID-19 pandemic. The numbers look at people who moved to Florida from July 2019 to July 2020. States that saw the biggest migration numbers include New York, California, Pennsylvania and Michigan.
Florida’s population has been growing rapidly over the last four decades. Since 1980 the population has more than tripled, and the pandemic has only sped up those numbers. Changes in how we work could continue these trends. Many of the expats from other states moved to Florida during the pandemic because they were offered permanent work from home opportunities.
Part of the reason why more people are moving to Florida during the pandemic is because it’s a no tax state. News reports are finding the number one reason why people are relocating from New York and California is due to housing costs. This is creating a sellers market, especially in Jacksonville, where homes fly off the market in as little as a day. WJXT found that high demand for housing is creating a shortage. While new listings in Jacksonville increased over 12%, inventory is down by over 46%.
Interest rates are so low that more people are looking to buy, and buy in the sunshine state. Some older residents are moving to Florida to downsize, which is creating more competition for smaller houses usually purchased by younger people starting out.
In Clay County, a business friendly environment is another reason for growth. More companies are moving to our area, and expanding health care is meeting the demands of a growing population. All of this leads to more jobs and more development.
If you’re looking to invest in commercial real estate in the Jacksonville metro, trust our local, independent team. We have the pulse of our home and can guide you through the right investments in these uncertain times.