The New Go-To State. Florida is the New California

PALM COAST, FL – July 25, 2023 – In the second half of the last century, the population of California more than tripled from 10 million to 34 million people. Its population is now declining. After Covid shutdowns, George Floyd riots, and increasing crime and homelessness elsewhere, Florida is the new California in terms of population and economic growth. The new Go-To state is the greatest beneficiary of the great blue state to red state migration.

Flagler Beach

Florida is the New California in terms of wealth transfer too

According to the Florida Chamber of Commerce’s 2023 Florida Business & Economic Midyear Report, more than 1,000 residents are added to the state’s population each day, bringing their wealth and income with them. The net annual income migrating into Florida is $39.2 billion, far exceeding the mere $10.9 billion flowing into the #2 state of Texas. Nevada ($4.6 billion), and North Carolina ($4.6 billion), and Arizona ($4.2 billion) round out the top five. New York, Illinois, New Jersey, California, and Pennsylvania, in that order, lost the most net annual income as both individuals and businesses sought greener and more welcoming pastures.

Voting with Their Feet

A recent United Van Lines Annual Movers Study analyzed where and why Americans moved in 2022. It reports that only 29.47% of inbound Florida residents earned less than $100,000 per year while 38.93% of those leaving Florida fell into that category. On the upper end, 47.91% of inbound residents earn $150,000 or more while only 36.64% of outbound movers earned as much.

Florida is now the nation’s fastest-growing state on a percentage basis. Palm Coast is the country’s 18th fastest-growing city. Flagler is the 3rd fastest growing county in the state. Notably, Flagler boosts the second lowest crime rate among Florida’s counties. Flagler County and Palm Coast represent one of the last remaining coastal areas with room to grow. Though home prices have risen and housing affordability is a challenge, the median price for single-family Flagler County homes remains below both state and national levels.

The influx of wealth is being felt in the local housing market. In the first half of 2023, 55 Flagler County single-family homes were reported sold for more than $1 million by the Flagler County MLS. Two-thirds of these homes sold for cash. By comparison, in the first half of 2019 (pre-Covid), only 19 $1M+ homes were sold. Seven were cash sales.

Interactive Map January – June 2023 Flagler County MLS $1M+ home sales featuring:

• Full Screen – maps can be expanded to full screen.
• Zoom in and out
• Click on the panel in the upper left side, then expand the layer to see individual addresses
• Clicking on an address or a home’s map symbol brings up the sales details including the sale date, full address, living square feet, selling price, $/SF, and subdivision name.

The $1 million-plus sales are largely located beachside (east of the Intracoastal Waterway) and predominantly within the boundaries of the Hammock Dunes Community Development District where nearly half of the 980 plated lots remain. vacant.