According to studies by the U.S Census, Florida ranks number one in net migration over the past five years. This is very important to me as a major investor in multifamily real estate. I like to say, “Where the people go, the returns will follow.” And the people are moving to Florida.
You can’t just follow the trends of what markets are hot in real estate without understanding why. You’ll lose money blindly following the herd. Here, I’m going to tell you the five reasons people are moving to Florida. You can then make the decision to invest there or not with complete understanding. Also, it can provide insight into what markets will be profitable in the future.
1Business-Friendly Tax Structure
This first reason is why I personally moved my family and businesses to Florida from Los Angeles. Other business owners clearly feel the same way. There is no state tax in Florida. When you compare that to the 10.3% of California, it just makes sense. Where businesses go, reason number two is bound to follow.
2More Job Availability
Florida has more jobs opening up all over the state. As a result of reason one, major companies are moving to Florida. JetBlue Airways, Blackstone group, and Colony Capital are just a few major names moving their headquarters.
But there is more to those decisions to relocate than dollars and cents. That reason applies to individuals and businesses alike.
3Operation Policies Related to COVID
The third reason people are moving to Florida is a bit controversial. The state’s policies in regard to the ongoing Coronavirus are fairly open compared to other states. Whether you agree with the “openness’ of Florida or not, it encourages migration.
4Climate
What was the first thing you thought of when you read the word, “Florida”? I bet it was sunny Miami beaches with beautiful clear blue waters. If you’re living in New York state trapped in snow with sky-high taxes, Florida starts to sound like a pretty good idea.
5Fun in the Sun… For Less
Finally, people are moving to Florida because the cost of living is fairly affordable. The reason for this is the culmination of some of the things we previously mentioned. In the end, why wouldn’t you want to pay less and enjoy where you live more?
These five reasons people are moving to Florida show some clues why I have invested hundreds of millions of dollars in the Sunshine State. These aren’t the only things that make a real estate market great, and things are constantly changing, but it’s a good place to start.
Remember, where people go, the returns will follow.
On June 25th, I am going LIVE to show you how to invest in real estate. Join the training and learn how to make secure, passive income for the rest of your life.
Be Great.
Grant Cardone
