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The Journal.

Why People Are Thinking Twice About Living in Florida

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 21 October 2024

⏱️ 16 minutes

🧾️ Download transcript

Summary

Clouds are gathering over the Sunshine State’s housing market. Especially along the state’s Gulf Coast, housing inventory is up and buyer interest is slowing. WSJ’s Deborah Acosta talks through the cooling-off of one of America’s biggest housing booms and what it says about what it means to live in Florida now. Further Listening: - Is Asheville No Longer a 'Climate Haven?  - Years After Surfside Collapse, Florida Condos Are In Crisis  Further Reading: - The Great Florida Migration Is Coming Undone  - Why the Tampa Area Is So Vulnerable to a Hurricane  Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

For a lot of people, moving to Florida sounds like a dream. Sochine, Sand and palm trees of Florida.

0:15.0

Where people come to play and where people come to play

0:20.0

and with a fortunate, come to stay.

0:25.0

So you have sunny weather, that tropical climate that makes you feel like you're on vacation.

0:32.0

That's our colleague Deborah Acosta.

0:34.0

You have these gorgeous beaches that arguably are the best beaches in the country.

0:41.0

There's gorgeous golf courses everywhere you look

0:44.5

uh... swinging palm trees warm breezes balmy weather

0:50.3

the ocean water is extremely warm.

0:53.0

In addition to warm waters, there's also no individual income tax,

0:58.0

less business regulation than a lot of other states,

1:01.0

and a humming economy. So many people have moved to Florida over the

1:05.6

past few decades that it's even earned a name, the great Florida migration.

1:10.6

So the state of Florida has consistently been growing quite a bit, you know,

1:18.0

it suddenly became this promised land, this exciting place to migrate to, and buy cheap land and, you know, create a new life for yourself.

1:28.0

Florida's population grew even faster during and after the pandemic.

1:34.0

The latest US data shows that Florida is the fastest growing state in the nation.

1:39.0

Chances are you've noticed this trend when you drive around town or try to buy a house or rent an

1:44.3

apartment.

1:46.8

As a result of all these new residents, the housing market has been hotter than the weather. Florida real estate over the last decade

1:54.0

has just like shot up.

1:56.6

Prices have more than doubled in that time period.

...

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