Survey: Over 73% of Floridians polled say too many people have moved in from out of state, putting pressure on the housing market; 51% are considering leaving Fla.
FORT LAUDERDALE, Fla. – Many Floridians have scoffed in disbelief at all the homebuying competition posed by out-of-state newcomers, and a new study shows just how eager they are to remove the welcome mat.
Over 73% of Floridians polled believe that too many people have moved in from out of state, according to a survey from Mphasis Digital Risk, a tech company for residential real estate lending.
“You are starting to see people getting really priced out of the market, or migration happening within the state itself to more affordable areas,” said Kim Lanham, senior vice president of Florida-based Digital Risk. “It’s this perfect storm, if you will, of a housing crisis.”
Over 1,000 Florida homeowners were surveyed between Feb. 6 and Feb. 7 on their opinions on out-of-state buyers moving to the area, whether they would consider moving to another state or different part of Florida and if they had been asked to sell their home.
The influx of out-of-state buyers hasn’t changed how the vast majority of polled Florida homeowners feel about their state. Forty percent said it did change how they feel, with 60% saying it did not.
The frustrations of many Floridians who have often been priced out of the real estate market over the past two years were laid out in the survey, with many saying they were thinking about leaving the state entirely or moving to a different area in the state where prices might be more affordable.
The housing market has put so much pressure on Floridians that many of them are contemplating leaving the state entirely. When asked if they were considering moving to a different state, 51% of homeowners said they were thinking about it.
And 67% of respondents said they were thinking about moving to a different part of the state.
For those living in Miami Dade County, 10% said they would consider moving. For those living in Broward County, 10% said they would consider moving to a different part of the state. And for those living in Palm Beach County, 5% said they would consider moving to a different area in Florida.
“It’s no surprise that out-of-staters have come around to the benefits of living in the Sunshine State,” said Jeffrey C. Taylor, co-founder and managing director of Mphasis Digital Risk and a board member of the Mortgage Bankers Association. “Weather, family, amenities and taxes, in that order, are the chief reasons homeowners cited for living here. However, it’s clear that the state’s booming popularity may force longtime residents to rethink living in their communities or even Florida itself.”
And high real estate prices were a large reason for respondents wanting to move, with 46% of Floridians pointing out how expensive real estate has become.
Real estate prices have soared in South Florida, with little signs of a slowdown on the horizon.
The latest numbers from the Broward, Palm Beaches and St. Lucie Realtors show that the median sale price of homes in South Florida skyrocketed in February compared to the year before.
In Palm Beach County, the median sale price of a home jumped 19% to $535,000. While in Broward County, the median sale price jumped 19% to $519,000. Similarly in Miami-Dade County, the median sale price of a home jumped 19% to $536,000.
“It’s probably going to be another two years before things start to level out and catch up,” added Lanham. “It takes a while for developers to go through the building process.
© 2022 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.
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