What is it that is making so many New Yorkers decide to up and leave the Big Apple and head south to Florida? The truth is that there are likely many factors that are contributing to the continual migration to the Sunshine State.
It could be due to the beautiful weather and people no longer wanting to struggle through the winters in the north. They might be moving due to COVID-19, because the cost of living is better in Florida, or because the taxes are better. It’s not just residents moving; many businesses are heading to Florida, too. There are countless reasons and combinations of reasons that are making people want to buy homes in Florida.
How Many New Yorkers Are Leaving?
Each day, an average of 270 people leave New York’s metro area. A large number of people head to Florida because they worry about the increases in taxes they are facing, along with a host of other issues. However, even those who are not worried about their taxes are choosing to head to Florida. The cost of New York has caused many lower to middle-income residents to rethink where they are living.
Many Renters Are Looking to Miami
Although a large number of people who are coming to the Miami area in 2020 are looking to buy properties, this is not the case with everyone. There has been a 25% increase in the number of people who are coming to Florida with the idea of renting rather than buying. This could mean good opportunities for buyers who invest in real estate and then rent it out to these people.
Great Prices and Favorable Taxes
Businesses to individuals are tired of paying so much to live in an overcrowded city. Many have found that they can buy much larger and better properties in Florida for less money. Whether it is a mansion or a condo, the spaces are priced at rates seen as far more reasonable by those who are currently living in New York. Couple this in with the better tax rates and it becomes easier to see why so many people are moving their homes and businesses south.
Those who are looking for properties of their own in the South Florida area should make it a point to get in touch today to see what options are available.