Florida Still a Top Destination for New House Buyers

Photo byPhoto by: Jana Christo

Florida has been one of the top locations to relocate and start a new chapter.

Newcomers are looking to buy a home in the Sunshine State despite the increasing interest rates, poor insurance, and rising home prices, according to a new Redfin report.

People can't get enough of Florida

The second half of the year saw a significant cooling in the housing market because of high mortgage rates, inflation, and a slowing economy. Many prospective homebuyers and sellers were discouraged by these conditions.

Not all of them, though. An "unprecedented" amount of people who are still trying to buy a home are doing so while relocating to new metro regions, according to Redfin.

According to the same analysis, half of the top 10 migration destinations, including Miami, Tampa, Cape Coral, North Port-Sarasota, and Orlando, are located in the Sunshine State. These figures show that people still want to buy in Florida even after Hurricane Ian battered a large portion of the southwest.

If you're wondering where most people are migrating from to live in Florida, Redfin reported that residents of New York City are opting to move there in order to purchase a more reasonably priced house in a more reasonably priced metro area.

The insurance fiasco

Property insurance is a major concern for many homeowners.

Florida lawmakers are convening this week for a special session to address the problems of the troubling insurance industry.

The lawmakers will vote on a massive property insurance bill that would generate a $1 billion reinsurance fund, reduce insurance lawsuits and force more people of the state-created insurer of last resort, though this means property owners would end up paying more.

Will this be enough to protect new homeowners? The time will tell.

What do you think about Florida migration?

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