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Insight Q2 2021: Florida’s Future

Aerial View of a Florida Beach
Photo Credit: Aaron Burden

What Lies Ahead For The Sunshine State Could Not Be More Bright.

Florida has the ideal mix of variables as a destination. Beyond our wonderful weather, which has been a magnet drawing newcomers to our shores for over 100 years, South Florida now enjoys a fully developed community of not only great weather, but also a dynamic global city, which serves as a backdrop for a plethora of opportunities. Whether our newest residents are looking to establish their businesses here, raise their families within our unique neighborhoods, join our growing cultural arts community, or simply experiencing our rich diversity, there are as many lifestyle options from which to choose in South Florida.

The Federal Tax Reform Cuts and Jobs Act of 2017 (TCJA) has certainly boosted the appeal of living in Florida, where we have no state income tax. These savings, especially for our country’s more affluent residents, are continuing to spur tremendous growth throughout South Florida.  

According to the U.S. Census Bureau, Florida is second to Texas in terms of in-migration, with a net increase of 661 new residents per day establishing permanent residency in Florida. While the sheer numbers of homes and condominiums being purchased by this large block of buyers is impressive, the fact that an increasing number of these newcomers are now permanent residents adds a huge new commerce component that multiplies the value of their initial home purchase year-after-year.

As we, along with the rest of the world move through the challenges of the lingering pandemic on our path to normalcy, we have no doubt that South Florida’s popularity throughout both the U.S. and abroad has forever positively impacted our community.

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Our Associates write often to give you the latest insights on owning a home or property in the Southeast Florida area.