The simple answer to this question is, yes!
Florida has consistently been the top location for millions of Americans’ spring breaks and summer vacations, but in recent years it’s also become one of their most preferred destinations to move to. For more than a decade, Florida has remained the top destination for Americans leaving their home state.
The mass influx to the Sunshine State has been happening long before the pandemic. Between July 2019 and July 2020, more than 252,000 people moved to Florida, marking the fifth consecutive year that the state held the top spot for net migration. Even before COVID, nearly two-thirds of Florida residents migrated to the state, with one-fifth coming from a foreign country.
So why are people moving to Florida?
Cost Of Living & Taxes
Florida is one of nine states with no income tax, which makes it very attractive to upper-income households. But it’s also attractive to low-income and middle-class families, who say their move to Florida has to do with the affordable cost of living. Also, this is not likely to change anytime soon; the state constitution prohibits the state government from imposing an income tax. Levying any new taxes or dues of any magnitude requires a two-thirds supermajority of both state House and Senate.
Florida’s other taxes are also low or mild. The sales tax averages around 7%. Further, a corporate tax rate of only 5.5 % ensures consistent economic growth over time.
This makes Florida incredibly affordable without sacrificing the quality of life of its residents. That’s not to say the state is one of the cheapest in the nation. Electricity and utilities are the most notable examples of pricey services, especially in comparison to the rest of the nation.
Florida is one of the most powerful economic forces in the country. That’s why one major reason people move to the state is to seek out better career opportunities. Obviously, there’s the tourism industry, with the state being home to Disney World, Universal Studios (which includes Harry Potter World), and Legoland. But tourism isn’t even a major job provider.
Florida has a robust aviation and aerospace industry, thanks to it being the home of the Kennedy Space Center. It also is home to a booming clean technology industry. It’s also ranked second in the country for pharmaceutical and medical manufacturing.
Florida also has school choice, which allows public funds to follow students if they attend a school they aren’t assigned to by their zip code. Florida is frequently listed as one of the best states for school choice, even at times ranking No. 1 for school choice. The state has four education voucher programs, including scholarships and tax credits. The state’s friendliness to school choice has been cited as a reason for moving by some demographics.
Florida has always been an attractive place to live with its warm weather, gorgeous beaches, no income tax, and relatively affordable home prices. It has, of course, long been a mecca for retirees: Baby boomers have retired there in recent years, and a good chunk of them are spending their golden years in a temperate paradise. Now, it’s becoming an increasingly popular destination for younger residents, too. More and more millennials who can work remotely are deciding to do so by the beach. For more information on moving to the Sunshine State, contact us!