The Sunshine State is now the third most populous in the United States
More Americans moved to Florida than any other state in 2018. Overall, the Sunshine State now has a population of 21,299,325—the third highest in the United States.[1]
There are many reasons as to why people relocate from one state to another. One of the biggest drivers is to take advantage of new opportunities, such as a lower cost of living or a new job offer.
How many people are moving to Florida?
Florida had the highest level of net domestic migration in the last year, at 132,602. In fact, since 2010 Florida has gained a total of 1,160,387 people from net domestic migration, according to the latest Census data.[1]
Overall, Florida’s population growth in 2018 was the second-highest in the United States. The percentage population growth was 1.5%, the fifth highest in the country.
Looking at U-Haul’s migration trends data, Florida ranks as the No.2 Growth State for the third year in a row.[2] Growth States are calculated by the net gain of one-way U-Haul trucks entering a state versus leaving that state during a calendar year. The data is compiled from more than 2 million one-way U-Haul truck sharing transactions that occur annually. Texas topped the list for the third consecutive year.
Why are skilled workers moving to Florida?
Florida is favorable for many workers, partly due to the fact there’s no state income tax. The cost of living is often a lot lower than other U.S. states.
Many skilled workers are looking to leave more expensive places like California, in search of more affordable states that still offer a robust tech community. In 2017, Florida, Texas, Arizona and North Carolina were top on the list for Californians on the move.[3] Entrepreneurs looking to start their own business may also be tempted to move here: Forbes recently ranked Florida as #7 on the list of states best for business.[4]
Central Florida’s job market is currently booming—Orlando, in particular, has the fifth-most job openings per person of all major markets. You can read more about how this is helping to boost the housing market in our recent blog.
There are great job opportunities for skilled workers elsewhere in Central Florida, too. The space industry’s massive investment in the Cape Canaveral area promises to bring thousands of new jobs to the region. You can learn more here.
What does this mean for the multifamily market?
The continued influx of people, in particular skilled workers, into Florida is great news for the multifamily market. Many of those new to the area will choose to rent at least in the short term, so there are lots of opportunities for multifamily investors to see a great return on investment.
Our opinion: Florida multifamily will continue to outperform other investment types in 2019, so the time to act is now. If you need help finding the ideal multifamily investment property, our experienced multifamily advisors are here.
As well-established experts of the industry, the team at 100Units.com have a firm understanding of the local market and can advise you on the most potentially profitable properties available for purchase. Our focus is to work on behalf of your interests and get you the best results for your investment.
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