This Florida City Is Facing A Major Housing Shortage
So many people are moving to Florida. According to The Florida Agents, Approximately 1,218 people move here each day. I moved to Florida in 2012 and I currently live in St. Petersburg. So yes I was here before the hype. According to the Miami Herald people are moving to Florida in droves and now one of our cities is facing a major hosing shortage.
From July 2021 to July 2022, about 319,000 more people moved into Florida than left. This has been the largest population gain of any state in the country.
Why Do People Love The Sunshine State?
It’s more than just the weather, many people are moving To Florida because we have the second lowest state tax collections per capita. Also, we have the fourth best business tax climate with a low and flat 5.5% cooperate income tax rate. The 12th best property tax climate. No individual income tax and no capital stock tax, estate tax or inheritance tax and the second-lowest unemployment insurance tax.
This Florida City Is Facing A Major Housing Shortage
According to research done by Bank of America, Orlando is the city that is facing a housing shortage. Other cities in the United States that are facing a housing shortage are Houston, San Antonio and Dallas.
So why is Orlando and these other cities facing a housing shortage? According to Fox Business, “it’s largely because these cities are experiencing high population growth, a “booming” labor market and low housing inventory. As of June 2023, Dallas and Orlando both recorded payroll growth that is substantially higher than the national average and continue to attract new residents looking for work.”
Sadly commercial real estate may crash in these cities. There is not enough homes to keep up with the many people who are moving to these places. As a result, places like Orlando are also seeing home price growth that is far higher than the typical level seen the past two years.