With many cities in Florida seeing a rise in population and home buyers, Florida natives are left with the question of what is causing this? Will this growth ever slow down?
Many people are drawn to Florida for the warm weather, white sandy beaches, and water sports. Many others have also decided to make the jump and move down to the Sunshine State due to relaxed Covid-19 policies and lower taxes. With the ability to work remotely, more and more people are deciding to relocate and continue their careers or move up their retirement plans. Just a couple of years ago, people that moved down from the Northeast would face a 50% pay cut but not anymore.
With the demand for homes escalating due to the low mortgage interest rates, the home sales in the U.S. have rose to a 15 year high. Surprisingly, Naples’ market has topped in the rankings. Home sales in 2021 rose 26% in the Naples area, with the median home price being $445,000. This is an increase of 20% compared to the year prior. Many economists believe the housing market in the state will remain very competitive. Some speculate that home prices in Florida won’t continue to increase at this rate however, the prices won’t slump down either due to the projected population growth being so strong.