Why are so many people moving to the Sunshine State?
According to reports compiled by Move.org, Florida was the number one destination for Americans relocating in 2020, beating out contenders California and Texas. The state’s Office of Economic and Demographic Research recorded nearly 300,000 new Florida residents between April 2020 and 2021.
Factors such as the weather, taxes, and comparatively lower housing prices have driven the trend, and many people are leaving states with higher costs of living, in favor of our sunny climate and less stressful lifestyle.
In the past decade or two, few Florida cities have transformed as much as St Petersburg. When the city was incorporated in 1890 there were only around 270 residents, and by the mid-to-late 1900s, it was described as a retiree haven. But with the influx of younger residents, a changing landscape, and a shift in demographics, the city has become a vibrant mix of arts, culture, business, and recreation.
In fact, St Pete now ranks as the fifth-largest city in Florida, and after the 2020 Census, the approximate population is 270,000, one thousand times the original number!
Some new residents say their move was related to COVID-19, either from concerns related to health, work, housing, or money. Others say the motivation behind their decision to relocate was a better opportunity in the housing market. With equity and profits from selling their homes in higher-cost places like New York or California, they could upgrade and/or pay cash for a home here in Florida.
Here at Gulf Living Group, we are encountering many people who want to move to St Pete so badly, they are buying homes sight-unseen, in areas they barely know. More and more, we are doing virtual ‘showings’ with clients in other states, and they are making offers without even visiting the homes.
Some of them have been here on vacation and have decided to leave high-cost areas for the many financial and weather benefits Florida has to offer. The increase in professionals working from home means commuting is not a factor, and a comfortable living/working environment is higher on the priority list.
While the influx of new residents may result in a boon to the economy, it certainly has made it more challenging for homebuyers in an already tight housing market. Whether you are out-of-state and hoping to make a new life in sunny St Pete, or already here and wanting to buy or sell, your move is safe in our hands.