1. Pandemic Influence
Thousands of New Yorkers left the confines of the city, to work temporarily in bigger spaces and warmer climates. The numbers indicate that many New Yorkers chose Florida as a temporary work-from-home location. The decision is easy to understand—Florida’s natural beauty, resort-style amenities, and warm weather make it an ideal place to work remotely.
In addition, for those seeking greater personal freedoms over the peak of the pandemic, Florida was a natural draw. With fewer pandemic restrictions than other parts of the country, plenty of New Yorkers came to Florida for this very reason.
Together, these factors drew plenty of New Yorkers to Florida for temporary relief over the course of the pandemic. Some have decided to stay. According to the Florida Department of Highway Safety and Motor Vehicles, more than 33,500 New Yorkers moved to Florida in a ten-month period between 2020 and 2021.
2. Financial Incentives (Personal)
Taxes are a significant draw, as well, convincing many to trade their New York address for one in Florida. While residents of both states pay federal income tax, there is no state income tax in Florida. New Yorkers, on the other hand, can pay the state tax at anywhere from 4 to 8.2%.
3. Business Incentives
Florida offers a tax-friendly structure to promote business throughout the state. Its corporate and sales tax rates are low compared to many other states, including New York. As a result of this growth, Florida is seeing a business boom that draws employees and expertise from across the country.
While we’re used to hearing stories of young people moving to New York to cut their teeth in specific industries, there are plenty of business and specialty hubs around the country that draw employees, as well. Some of the New Yorkers moving to Florida may well be drawn to work opportunities that have emerged from recent business growth.
4. Reliable Weather Patterns
By contrast, over the last ten years, New York City has averaged a high of 63 degrees over the year and a low of 49 degrees. In January and February, that low has dipped to 27 and 29 degrees, respectively. While many New Yorkers vacation in Florida to break up the winter months, it’s possible that some have decided to make their vacation stay more permanent.
Alongside the warmer climate, is the appeal of Florida’s resort-style living. With a gorgeous coastline, sandy beaches and access to plenty of amenities, Florida offers a welcome change for New Yorkers, who are largely forced indoors over the winter months.
Throughout Florida, there are plenty of ways to enjoy life outdoors, from year-round farmers’ markets to yoga in the park and beachside church services. Of course, for fishing and boating enthusiasts, Florida is a natural draw, as well. The waters off Florida’s coast are both beautiful and rich with marine life.
Similarly, for those who love to golf, the warm weather provides year-round access to world-class golf courses found throughout the state. Between the warmer weather and the outdoor lifestyle, it’s easy to understand the appeal of this southern state. These factors have almost certainly played a role in the number of New Yorkers moving to Florida.
6. LARGER, DISTINCT PROPERTIES
One of the key draws for new Florida residents is the quality of beachfront and oceanside real estate. While New Yorkers moving to Florida will find their dollar goes further in the southern state, they will also find a wide selection of distinguished properties.
Buyers will notice wide differences between the 267 cities and 123 towns in Florida. Within each, there are distinct community and neighborhood vibes, with unique relationships to the landscape and waterfront. From Tampa’s shores to the Florida Keys and the beautiful Gulf Coast, each area offers something unique.
For New Yorkers moving to Florida, it’s easy to understand the appeal of more space, an opportunity to have outdoor living areas and easy water access. With such a broad range of properties and locations, however, anyone moving to Florida should work closely with a local real estate agent who understands the nuances of the market.
7. Word of Mouth
Naturally, a look at why New Yorkers are moving to Florida needs to include the powerful impact of anecdotal, word-of-mouth reports. First-hand descriptions of how friends or loved ones are adjusting to life in another location creates a classic pattern of settlement.
As groups of New Yorkers moving to Florida report back to friends and family, their news creates a sense of possibility and raises questions whether others, too, should make the move. And let’s face it—between the weather, the lifestyle, the financial gain and the opportunity for beautiful properties—New Yorkers have had plenty to report home about!
According to the Brookings Institution, American migration has been in a long decline for many years. They report that, in the year before the pandemic (March, 2019 – March, 2020), the number of Americans who changed residence dropped to the lowest percentage since World War II.
In 2020—mid-pandemic—the U.S. moving rate dropped even further. As a result, it is even more noticeable when a group of people from one state move in large numbers to another. In other words, it is part of the reason so many are asking, “are there more and more New Yorkers moving to Florida?”
As we’ve seen, there are plenty of contributing factors. In addition to Florida’s long-standing appeal as a warm, beautiful place to live, there are financial, personal and property-based motivations, as well.
Whether you have fond memories of vacationing in Florida and would like to make a permanent move, or you’ve long planned to make the state your destination, it’s important to work with a real estate agent who knows the market inside out, has strong relationships and deep knowledge of the current market.
At Hoffman Korff Group, we are residents of Naples, Florida and experts in premiere residential properties. If you are in the market for luxury real estate in Naples, allow us to help you find your dream property. We bring decades of experience to our work and we’re passionate about helping our clients find a premiere property to match their goals, vision and lifestyle.