Despite cries that “Florida is full!” from longtime residents, the state is still growing—albeit at a slower pace than in recent years. That’s based on recent numbers published by do-it-yourself moving companies U-Haul and PODS.
Indeed, for years now, Florida has remained a favored destination. The 2023 U-Haul Growth Index found seven Florida metros among its list of the nation’s top 25 growth cities, marking the seventh year in a row the state has had the most cities represented. In 2022, the Sunshine State was home to four cities among the top 25 list and 10 in 2021.
Remote work options and proximity to loved ones played a big role in 2022’s moving trends, but where people moved to in 2023 seems to be more linked to affordability.
New Census Bureau Data shows that residents from New York, California and New Jersey top the list of out-of-staters moving into Florida.
Source: U-Haul.com / Census Bureau
2023 USA Life Events
Life events drive the residential Real Estate Market.
Here is a sampling of what happened in 2023
7 million babies were born
3 million marriages occurred
7 million people turned 65
50 million people changed jobs
Also consider this:
3.9 million residential sales closed in 2023. Last time it was that low was 1993 with a US population of 260 million. Today our population is 340 million.
34% of homeowners have no mortgage. 90% of owners who do, have a mortgage under 5% and half of those have a rate less than 3.5%
Mortgage Rates
Continue to Hover
in the Mid-Six’s
Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand. Even this slight uptick in demand, combined with inventory that remains tight, continues to cause prices to rise faster than incomes, meaning affordability remains a major headwind for buyers. Potential homebuyers should look closely at existing state and local resources, such as down payment assistance programs, which can considerably help defray closing costs.
