25% of Floridians considering moving out of state
Florida leads the nation’s 8-month rising foreclosure rate, homeowners are staying put in Central Florida, and Florida gains a taxpayer a minute despite fears over rising costs of living. It’s all in this week’s look at news about Florida’s economy.
Florida Foreclosures: October foreclosure filings in the U.S. were up 3% from September and up 19% from one year earlier, according to a 2025 Foreclosure Market Report from ATTOM data – the eighth continual month of increases. This alarming trend is most pronounced in Florida, with one in every 1,829 homes receiving a filing, and Tampa registering as the nation’s highest metropolitan foreclosure rate at one in every 1,373 housing units. These numbers are more than double the national rate of one in every 3,871 housing units, highlighting a growing affordability crisis in the Sunshine State. Data shows that a large number of Florida residents are retirees on a fixed income, and when coupled with rising insurance rates and higher HOA fees, the story writes itself. When these financially strained homeowners fall 120 days behind on their mortgage payment, the lender starts the legal process of foreclosure. Completed foreclosures in the U.S. have jumped even further, up 32% from 2024, with 243 completed repossessions in Florida, behind California and Texas. Analysts say the trends are actually returning to pre-pandemic norms and do not indicate any systemic risk. You can read more from Realtor.com.
Central Floridians Staying Put: Housing turnover in Orlando has dropped to its lowest level in decades. Orlando had about 26 sales per 1,000 homes on the market in the first nine months of 2025, down from 31 homes in 2024, marking the 5th largest decline in the 50 metropolitan areas included in a report from Redfin. It seems that cautious buyers, coupled with an average homeowner mortgage rate of 5% (below the current 6.17%), are driving this Central Florida trend. Property taxes are also playing a big role, with Florida’s Save Our Homes tax benefit for homesteaders, along with several proposed property tax initiatives, making it very appealing for homeowners to stay right where they are. This lower tax burden should attract people to the Sunshine State, and boost the real estate activity it is currently dampening, which could lead to sellers relisting their homes after mass delistings earlier in the year.
More Floridians: A survey released last month by the Business and Economic Polling Initiative at Florida Atlantic University shows that a quarter of Floridians are “seriously considering” moving elsewhere in the country. While those interviewed cited a myriad of reasons, half cited the rising cost of living here in the Sunshine State. Researchers concluded that the cost of living is considered Florida’s “pressure point,” with 8 out of 10 Floridians concerned about housing affordability, a problem that weighs heavily on younger Floridians, where a much higher 72% were considering moving out of state. But the poll also found an undercurrent of optimism – with many Floridians still believing in the American Dream and the upward mobility it promises. And that very optimism seems to still be luring many Americans down to Florida, a state that gains a new taxpayer every two minutes according to the IRS – which nets an estimated $4 billion more in tax revenue each year. Florida leads the nation in this regard, building a stronger economy with each new Floridian welcomed. California, by contrast, loses one taxpayer per minute – the worst rate in the country. While there is some financial strain, there’s always sunshine for those who look for it.
LMA Newsletter of 12-8-25
