More and More Young People are Moving to Miami Some Costs to Consider Before Making the Move
It is no brand new news headline that a large number of people have traded their homes in various locations across the country for a Florida address. Previously Florida was known as a popular destination for snowbirds to retire and live out their best years in a warm dream destination. But now not just retirees are flocking to the Miami area, younger people are as well.
What is bringing people of all ages into Miami and the state of Florida in the last few years? It's the allure of more job opportunities and a lower tax burden or responsibility. What some people moving here may not consider however is other costs of living that can be a bit higher.
Florida has grown since 2021
Numbers have shown that the population of Florida has increased by 1.9% from 2021 to 2022. This is an estimated gain of 417,000 new Floridians. This number has made it the fastest-growing state in the country. The Census Bureau data published by Smart Asset in November 2022 shares that Florida is a new hotspot for millennials and that more and more younger adults may be looking to move in soon.
A recent report put out by real estate giant company Redfin last March showed that Florida was a clear dominator in the list of cities Americans want to move to the most. Homes in these areas remain comparatively affordable and who doesn't want to live in the ideal Florida weather?
Some people who have always lived in Florida may see this as a nuisance, the influx in population has helped the Florida economy to grow. There is a projected increase in the state's economy in 2024 that is being propelled by the job market according to information shared from a report compiled by Wells Fargo.
They expect Florida's unemployment rate to remain relatively low thanks to an increase in working-age residents in the population. The GDP growth in Florida has surpassed the national average for 1o consecutive quarters and showed the third largest payroll increase in October 2023.
But all this promising news aside, there are some costs of living in Miami and Florida that people should be aware of before deciding to make the big relocation to the best place in the country.
Surprising costs of living that can catch new residents off guard
Though Florida has many obvious benefits to moving here there are some things to consider as far as living expenses when moving into the Miami area. One of the most notable is a rise in home insurance expenses when purchasing a Miami or Florida home.
Information shared by Policy Genius shows that home insurance prices are rising much faster in Florida than in any other location. Information showed that the average home insurance price increased 68% year over year as of May 2023. Floridians pay more for home insurance and also pay more for car insurance as compared to other locations in the country.
Inflation is a factor, especially over the last few years that no American has been immune to. However, numbers show that inflation is higher than the national average in Florida. There are 23 metro areas tracked by the Consumer Price Index in Florida. These numbers showed that the Miami area alone experienced an inflation rate of 7.4% increase as compared to the year prior. This was the highest increase in all Florida cities and more than double the national inflation number.
Information shared by Forbes found that Florida had the fourth most expensive healthcare in the country as of November 2023. They found that this is due to a lesser coverage from employers offering health insurance. This is worth considering for anyone who may need an increased level of healthcare.
Miami is a dream destination and there are many benefits to moving to Florida especially when it comes to a lower tax burden and having no income tax. However, there are other costs of living worth considering before making a huge relocation move. But it is worth noting that those who moved to the area enjoy the increased amount of sunshine and vitamin D intake along with the ability to have more freedom in their personal choices in living and where they invest their money.
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