Large Influx of New Residents Moving To Florida From High Tax States

Palm Beach County saw an increase in single-family home contracts of over $1 million in 268 per cent

Every day nearly a thousand people move to Florida, as those living in high-tax states seek refuge during the coronavirus pandemic.

Home sales have doubled in some parts of Florida, with the state bringing in 950 new residents per day, first reported The New York Times, citing data from the summer 2020 Miami Report of the International Sales Group and Douglas Elliman ‘s August Report.

According to the Miami report, Florida’s average daily population growth of 35 years sits at 777 domestic migrants.

“In terms of weather and tax climate, Florida has consistently been one of the most desirable states, maintaining a strong daily average population growth over the last few decades,”

the Miami report notes.

Migrants from northern states like New York, Illinois, New Jersey, Connecticut and Massachusetts have flocked to Florida based on tax return filings.

florida residents increasing

“The United States is experiencing a domestic trend toward and population shift from northeastern and midwestern states to southern states like Florida and Texas,”

the Miami report states. “Florida had the highest level of net domestic migration in 2017-2018 according to U.S. census data.”

The Elliman report found that after doubling in July, new single-family homes and condos contracts continued to surge in five counties in Florida.

Meanwhile, new single-family homes and condo contracts are also lower than years before in a number of New York boroughs and suburbs except for Brooklyn and The Hamptons, but higher than they were in April, according to a report by August Elliman.

Jonathan Miller, chairman of the property appraisal firm Miller Samuel, who prepared the Elliman report, told the Times that for home and condo buyers in Florida who were on the fence about moving, “the pandemic forced the issue, the recognition of benefits that had not been fully appreciated before.”

Jill DiDonna, senior vice president of sales and marketing of developer group GL homes, told the Times that Florida residents don’t pay any state income or estate tax and get homestead exemptions of up to $ 50,000 on primary residences, as well as a 3 percent cap on home appraisals per year.

New Florida residents told the Times they could get more space and better-quality homes in their price ranges compared to the states from which they fled.

New York’s exodus speeds up as residents head south

New York continues to witness an upsurge in out-migration, despite the fact that this year more Americans have stayed so far overall. But that is except for New York City, where move-outs are still comparable to last year’s same period. Moving companies have described an “insane” uptick in moves out of Manhattan. United Van Lines’ latest data shows moving interest from New York City towards Florida is up 10 percent year on year.

From New York , New Jersey, Connecticut and Massachusetts, collectively, there is a 4 percentage point uptick in actual moves to Florida compared with last year.

This post first appeared on https://www.foxbusiness.com