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- Data shows that hundreds of thousands moved into — and out of — Florida between 2021 and 2022.
- Many folks moving out are going nearby to Georgia and North Carolina, as well as Texas.
- Those moving in are coming from states such as New York and California.
Florida's real estate market is changing.
Wealthy out-of-staters have bought homes at extraordinary prices in Florida, reshaping the market. This has led to others feeling priced out and considering a move, Insider previously reported.
Newly released census data reveals relocation patterns tied to the Sunshine State.
Between 2021-2022, nearly 739,000 people moved into Florida. Meanwhile, almost 490,000 people left the state in that time period, according to the data.
"I think this is the biggest migration that we're going to see certainly in our generation — but maybe in our lifetime," South Florida realtor Holly Meyer Lucas told Insider, referring to the rush of wealth flooding housing markets into tax-friendly states like Florida, Arizona, and Texas.
Floridians who left stayed in the South
Georgia was the most popular spot for Floridians to move, followed by Texas.
Floridians moving to Georgia, Texas and North Carolina have the same impetus for leaving, Meyer Lucas said.
Likely, they are middle-class people such as teachers, nurses, police officers, and firefighters who lived in areas of Florida — like Jupiter and Palm Beach, where Meyer Lucas is based — that have been inundated with a wave of wealthy newcomers who are driving the cost of living up, she said.
The typical cost of a home in Florida was $384,300 at the end of 2022. The typical cost of a home in Georgia was $340,000 and the typical cost of a home in North Carolina was $345,100, according to Redfin.
They can't keep up with the Joneses next door, "when your kid is going to school with kids who fly private and have drivers; and when the gala event for the school fundraiser goes from $100 per ticket to $1,000 per ticket," she previously told Insider.
They leave the state for an affordable, down-to-earth spot, though somewhere within driving distance to Florida.
For those relocating to Texas, Meyer Lucas observed that people aren't going to places like Dallas, Houston, or Austin. Instead, they're moving to small, more affordable places outside these cities in the "proverbial middle of nowhere," she said.
New Floridians are former New Yorkers or Californians
The census data shows that Florida received more transplants from New York than any other state between 2021 and 2022, and by a lot.
More than 91,000 New Yorkers moved down to Florida, while 50,000 Californians relocated to the Sunshine State.
Tax friendly policies and warmer weather have drawn wealthy people to Florida for years. Now with remote work, they're decided to stay forever — sometimes bringing their investments and companies with them.