All ages coming to the Sunshine State
Credit: Ridofranz
Florida home prices have increased more than 70% over the past five years but it’s still a better deal than other states, Miami and Tampa home prices hit a high in an otherwise cooling market, why New Yorkers continue to flock to Florida, plus the state unemployment rate hits a new low. It’s all in this week’s look at Florida economic news.
Home Prices: The Business Observer reports that home prices in Florida have increased 73.5% over the past five years. The median home sale price was $407,000 in August of 2022 according to Florida Realtors. The median price this past January had come down to $389,990. Six other states had larger increases than Florida: Idaho, Arizona, Tennessee, New Mexico, Georgia, and Montana. The lowest home price increase was in North Dakota, having grown 22.7% from 2018 to 2022.
Miami & Tampa Hottest: While the housing market cool-off started last fall, Miami and Tampa ended 2022 on a high note. The Case-Shiller National Home Price NSA Index showed the two cities continued to top other metro areas across the nation in home price increases. The Miami area had a 15.9% increase compared to 2021 and Tampa had a 13.9% year-over-year increase. Atlanta came in third with a 10.4% increase in home prices.
Wave of New Yorkers Continues: Despite the increase in home prices, Florida continues to be an attractive state for New Yorkers to move to. They still represent the largest influx of new residents than from any other state, a trend that started in 2016. The Department of Highway Safety and Motor Vehicles reported issuing 65,000 new driver’s licenses last year from former New York residents, up from the previous year’s record of about 62,000. And it’s not just retirees anymore moving to the Sunshine State. The Census Bureau’s 2021 American Community Survey showed that Florida gained members of every generation, from millennials to baby boomers. New York saw a net loss of every generation except Gen Z, the youngest adults. By the way, the state’s Demographic Estimating Conference says Florida is projected to have a population of 22.6 million on April 1 and could top 25 million in 2032.
Unemployment Record: Florida continues to buck the national unemployment trend. First-time unemployment claims in the week that ended March 4 numbered 4,660, marking a new low for the year. The previous week that ended February 25 saw 5,293 claims.
Have a great week and call or email us if we can help you navigate Bill Watch or you have other questions. Of course, you are always welcome to stay with us in our home and walk the halls of the Florida Capitol with us!
See you on the trail,
Lisa
LMA Newsletter of 3-13-23
