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Do you want to avoid the cold weather and high housing costs in your current location? Now may be the perfect time to consider relocating to Florida and buying your dream home.
The combination of year-round sunshine, beautiful beaches, and affordable housing prices make Florida an attractive destination for those looking for a change of pace and a new home.
In this post, we’ll look at why now is the perfect time to move to Florida and what you can expect when relocating to a new state.
Is it a good idea to move to Florida right now?
Florida has become a prime destination for many Americans looking to relocate.
The state’s popularity as a vacation spot, combined with the COVID-19 pandemic’s impact on remote work, has led to an influx of people moving to the Sunshine State.
Net migration to Florida has been consistently high, with over 252,000 people moving there between July 2019 and July 2020 alone. The following year, the population grew by 1.9% according to Census Bureau data.
Even before the pandemic, Florida had a high percentage of residents who were migrants, with a fifth of the population coming from foreign countries.
Florida offers a diverse economy with various job opportunities in the tourism, healthcare, and finance sectors. The cost of living is relatively low, which makes it a great time to buy a home there.
Additionally, Florida has no state income tax, which can be a significant financial benefit for those relocating.
The state’s warm climate, beautiful beaches, and various recreational and cultural activities offer a high quality of life.
It’s also a popular retirement destination with communities and amenities catering to the older demographic. The state’s diversity makes it a melting pot of culture with a mix of retirees, young professionals, and families from all over the country.
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If the above reasons aren’t enough to convince you to become a Flordian, let’s dive into a few more reasons for relocating to Florida.
Strong economy & job market
Florida’s economy is diverse and growing, with industries such as tourism, healthcare, and finance providing many job opportunities.
According to data from the Bureau of Labor Statistics, Florida’s unemployment rate as of December 2022 is 2.6%, which is lower than the national average of 3.7%.
Reasonably-priced real estate & cost of living
Florida’s cost of living is relatively low compared to other states, so housing prices are also generally lower.
The median home value in Florida as of December 2022 is $404,939, which is lower than the national median of $543,600.
Low taxes
Florida is one of the few states with no state income tax, which can be a major financial benefit for those looking to relocate. This means that residents do not have to pay state income tax on their wages, salaries, and other forms of income.
Great environment for retirees
Florida is a popular destination for retirees, likely because of the escape from bitter winter weather and beautiful views.
According to data from the U.S. Census Bureau, Florida has the largest population of residents aged 65 and older, with a total of 4,693,657 residents as of 2022, representing 21.1% of the state’s population.
Because of the large population, there are no shortage of resorts and communities specifically for the retired demographic.
Great year-round weather
Florida is known for its warm weather and sunshine, which can be a major draw for those looking to escape colder climates.
Florida has an average annual temperature of 72.3°F (23°C), due to the state’s location in the subtropical region of the United States, which allows for mild winters, and warm summers.
And there’s definitely no shortage of beautiful, ocean-side beaches to make the most of the warm climate.
What to know before relocating to Florida
Constant sunshine and affordable living sounds great, right? Well there’s a few things to keep in mind before you make your final decision.
There’s more to the wildlife than alligators
Florida is home to a wide variety of wildlife, including alligators, bears, snakes, and other wild animals. It’s important to be aware of the potential risks and take precautions to protect yourself and your property. Coming from the midwest or the plains, watching out for such wildlife might be something to get used to.
Some areas famous for nightlife and party scene
It’s important to note that this environment is concentrated in certain areas, such as Miami and Key West, which attracts tourists and spring breakers. Research the area you’re considering moving to and ensure it aligns with your lifestyle.
Florida is a large state with a diverse geography, culture, and population
The southern part of the state tends to be more densely populated and urban, while the northern part is more rural and sparsely populated.
Be prepare for extreme weather
While Florida’s weather is mostly pleasant, there are some months that are more weather-active than others. Florida is prone to hurricanes, particularily from September to October, so it’s important to be prepared for severe weather events.
Busy tourist state
Never forget Florida is a popular tourist destination, which means that certain areas of the state can be crowded and busy with tourists, especially during peak seasons.
How to prepare for relocation
Relocating to another state can be overwhelming but follow these steps to ease your stress:
- Research the area you’re considering moving to, including the cost of living, the housing market, the job market, schools, and other important factors.
- Make a budget that includes the cost of moving, housing, and other expenses associated with relocating.
- Find a well-reviewed local agent in your preferred area to help you find a home
- Keep track of everything you need to do in a binder or e-planner
- Look into relocation options with your current job or look to secure a new position
- Notify the post office, banks, schools, and other important parties of your upcoming move.
- Hire a reputable company or rent a moving truck, well before you plan to move
- Sort through items and donate what you don’t want to take, then start organizing to pack
- Update your new address with your driver’s license, registration, and other important documents.
Securing a mortgage in another state
Securing a mortgage in another state can be a bit more challenging if you don’t know the area. Here are some steps to take to help secure a mortgage in another state:
- Research lenders in the state you’re moving to and compare their mortgage rates and terms. Some lenders, such as Homefinity, offer services nationwide.
- Get pre-approved for a mortgage before you start house hunting. This will give you an idea of how much house you can afford and make you a more attractive candidate to sellers.
- Check your credit score to ensure it meets the lender’s requirements. Use our calculator to figure out how much you can afford.
- Gather all the necessary documentation, such as pay stubs, tax returns, and proof of employment, and have it ready to submit to the lender.
- Consider hiring a local real estate agent to help you navigate home-buying in a new state. They will be familiar with the local market and can help you find properties that meet your needs.
- Be prepared to move quickly when you find a property you’re interested in. You may need to make an offer quickly in a hot housing market.
- Follow the lender’s process and submit all requested documentation promptly to avoid delays.
- Have a contingency plan if you cannot secure a mortgage in the state you are moving to.
Put Homefinity on your relocation team
Let Homefinity take care of your mortgage needs and help you settle down fast when you find the perfect home.
We understand the unique challenges of relocating to a new state, and we’re here to make the process as smooth as possible. With our wide range of loan products available at great rates, we can make relocating to Florida (or anywhere) as seamless as possible.
Don’t miss out on the opportunity to take advantage of our low rates and personalized service. Contact us today to learn more!
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