Floridians are looking to move to these 7 states
- Wealthy out-of-staters have bought homes at extraordinary prices in Florida, reshaping the market.
- Many Floridians have been priced out and are eyeing a move to nearby states.
- Here are the seven places they're looking to move, according to Realtor.com.
Wealthy out-of-staters have been flocking to Florida for five years, driving up real-estate prices and reshaping the housing market.
While many Florida homeowners have been cashing in on the rise in home values, an unintended consequence is that locals feel that the state is becoming unaffordable.
Many are eyeing a move to nearby states — where the cost of life is cheaper, the pace of life is slower, and they're still only a weekend drive away from family in Florida, Holly Meyer Lucas, a Palm Beach and Jupiter real-estate advisor, told Insider.
Florida homeowners were happy to make the million-dollar profits selling to wealthy families from New York and California, Meyer Lucas said. But people now are taking these profits "out-of-state along with the people who are teachers, cops, and firefighters," Meyer Lucas said.
"They're moving to the Carolinas, moving to Alabama. They're moving to Georgia."
Some who have looked to return to Florida have found they can't afford to live there anymore. "What's happening is if they want to come back to our area, their $800 a month mortgage is not an option anymore," she said. "They must pay nearly $4,000 monthly to rent the same type of home."
Realtor.com data shows that Floridians are looking at homes in Georgia the most, as well as other surrounding Southern states. However, they're also peeking north to New York, and west to Texas.
Below are the top seven states Floridians searched for homes between July and October, according to Realtor.com. Insider also included the typical home price as of September according to Redfin, as well as official census migration data as of 2021.
7. Alabama
Percent of Florida shoppers looking at homes here: 1.20%
Total Floridians who moved there in 2021: 22,507
Typical home price: $276,200
6. New York
Percent of Florida shoppers looking at homes here: 1.26%
Total Floridians who moved there in 2021: 24,444
Typical home price: $491,500
5. Texas
Percent of Florida shoppers looking at homes here: 1.36%
Total Floridians who moved there in 2021: 31,023
Typical home price: $348,300
4. South Carolina
Percent of Florida shoppers looking at homes here: 1.60%
Total Floridians who moved there in 2021: 14,905
Typical home price: $370,800
3. Tennessee
Percent of Florida shoppers looking at homes here: 2.39%
Total Floridians who moved there in 2021: 20,809
Typical home price: $368,400
2. North Carolina
Percent of Florida shoppers looking at homes here: 3.75%
Total Floridians who moved there in 2021: 37,071
Typical home price: $363,000
1. Georgia
Percent of Florida shoppers looking at homes here: 3.97%
Total Floridians who moved there in 2021: 49,163
Typical home price: $367,400
Correction: October 17, 2023 —
An earlier version of this story misstated the location of Holly Meyer Lucas. She's a realtor in Palm Beach, Florida, not Palm Springs.
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