TAMPA, Fla. — Since the height of the COVID-19 pandemic, Florida has remained one of the top destinations for people to relocate and start a new chapter in their lives. A recent study from Redfin confirms that despite high rates and prices for homes, people are still looking to buy here in the Sunshine State.
The housing market has cooled quite a bit during the second half of the year, due in part because of high mortgage rates, inflation and a less-than-stellar economy. These conditions are deterring many would-be homebuyers and sellers.
But not all of them. For those who are still looking to buy a home, an "unprecedented" number of people are doing so while moving to new metro areas, Redfin said.
Data from Redfin's study shows half of the Top 10 migration destinations are in Florida — Miami, Tampa, Cape Coral, North Port-Sarasota and Orlando. These numbers are reflective of homebuyers' choices even after Hurricane Ian slammed against much of southwest Florida's coast.
If you're wondering where most of the people are moving from in order to live in Florida, Redfin said people from New York City are choosing to relocate to the Sunshine State and buy a more affordable home in a more affordable metro area.
This week, Florida lawmakers are meeting for a special session to tackle a pressing issue for many homeowners — property insurance. Lawmakers are set to debate and vote on a massive property insurance bill that would create a $1 billion reinsurance fund, seek to reduce insurance lawsuits and force more people of the state-created insurer of last resort, even if it means property owners end up paying more.