Florida's population is always on the move, and just as there are people who come to the state in search of new opportunities and adventures, there are also those who decide to leave Florida for a variety of reasons.

According to the 2022 U.S. Census Bureau, Florida became the fastest-growing state in the country for the first time since 1957 and had the largest net increase in migration of any state in 2022, with a net population of 249,064 people. This growth can be attributed to a variety of reasons, which are listed below:

• The climate is predominantly warm and sunny.
• It is one of seven states with no income tax, it does not tax employment income or investment income, which is very appealing to individuals and businesses looking for financial advantages.
• The unemployment rate is lower than the national average.
• The job growth rate is higher than the national average in 2024.
• Florida has the 19th highest minimum wage of all states, on September 30, 2023, Florida voters approved the state to increase its minimum wage to $12 per hour, according to the U.S. Department of Labor. This is significantly higher than the federal minimum wage of $7.25 per hour.
• The cost of living is on par with the national average. Despite being known for its entertainment and attractive destinations; Florida still maintains a competitive cost of living.
• It is one of the most diverse states in the United States, meaning there is a wide range of racial and ethnic groups. Among them are Hispanics or Latinos who represent 27.1% of the population.

According to statistics, it can be seen that the most popular metropolitan areas where the most people are moving are:

1. Tampa - St. Petersburg - Clearwater, which recorded a net migration of 155,135.
2. Orlando - Kissimmee - Sanford, with a net migration of 137,442.
3. Jacksonville and Miami - Fort Lauderdale - West Palm Beach, with net migrations of 100,259 and 49,834, respectively.

It is worth noting that, in 2023, Florida recorded a net gain of 86% in new businesses.

U.S. Census data shows that the majority of those who moved to Florida came from New York (91,201 people), followed by California (50,701 people) and New Jersey (47,000 people). Florida also welcomed more than 178,000 international migrants last year, 15% of the U.S. total. According to the 2022 American Community Survey public use microdata, the largest share of international migrants came from Canada, Venezuela, Cuba, Brazil, and Colombia.

Florida offers a wide range of housing options, with the median price of a single-family home being $415,201. This is significantly higher than the national average home price in the United States, which is $355,390, meaning that the average home in Florida costs 17% more than the average US home. Furthermore, single-family homes in Florida cost 8.7 times more than the median household income, making it very difficult for people to own a home, especially with housing costs continuing to rise. In less than a decade, property prices have more than doubled. The average rental price in Florida is $2,513. Like home prices, rental prices in the state are also higher than the national average by 17%.

It should also be noted that Florida ranks 10th for the highest utility costs in the United States. The average monthly cost of utilities in Florida is $458.40.

Florida has long been known as a haven for retirees, however, recent reports show that Florida is losing its appeal as a top destination for retirees. This has led many seniors to consider moving elsewhere to retire. One of the main reasons is that the cost of living has increased. This is stressful for retired seniors who are living on a fixed budget and may be planning to downsize and/or simply live more modestly for retirement.

Another reason is the impact of climate change on the state, which has become hotter with record temperatures and has seen an increase in hurricanes and flooding. In response to this increase in extreme weather, home insurance costs have increased by 102% since 2021, three times the national average. Auto insurance has increased by 24% on average in the state since 2023, according to the Insurance Information Institute (III), likewise, Homeowners Association (HOA) rates have nearly doubled.

In addition, traffic and congestion in Florida have become major issues for retirees. With more people moving to the state each year, roads are becoming more congested and commute times are getting longer, which can be frustrating for retirees looking to enjoy their leisure years without the stress of being stuck in traffic. For these reasons, Floridians aged 65 and older are most frequently moving to Georgia, New York, and Ohio.

In conclusion, one thing that both groups, those leaving or arriving in Florida, have in common is that they need someone to help them do their taxes and comply with their tax obligations and thus avoid legal problems. Finding someone to help you with your taxes can be a daunting task, it is important to find a reliable and trained professional who can guide you. From people who have just arrived in the state to entrepreneurs looking to expand their businesses, everyone needs a tax expert to ensure that they help them maximize the deductions and credits available.

A professional tax advisor can make the difference between financial failure and success, if you need help with your tax return, at My Accounting Now we have a team of accounting specialists, call us at (+1) 786-228-8689 or send us an email to info@myaccountingnow.com.