Florida Homeowners Are Desperately Trying to Move Out

South Florida is very Latin, In Miami-Date there are more Spanish speakers than English speakers

 

True...I've noticed that even more now.

 

They take profits and use that for a down payment on a nicer home. People have been doing that for years.

 

LOL. No, because a 'nicer home' will also have gone up in value (even more) and hence will have a sky-high price tag, sky-high property tax, sky-high property insurance and high interest rates. Such move simply doesn't make any sense in a housing market like this.

 

But earnings have also gone up so that nicer homes can be purchased. Property taxes and interest are deductible. Tax expenditures such as these and more are how government encourages home ownership.

 

Partially deductible, thanks to Trump. If you think now is a good time to sell a house where you have low property tax and low mortgage rate and buy a new one, which is more expensive, higher property tax and higher interest rates, then GOOD LUCK. I know quite a few who took out their profits and bought a new place outside of Florida, but I know no one who'd agree now is a good time to upgrade on housing. I don't think there has ever been a worse time than now.

 

actually, from a real estate perspective the desirable spots in FL (coastal peninsula) have become quite pricey due to demand. You can live cheap in FL but need to go inland where it gets very hot during the summer.

 

Or a bit more north.

 

Income tax rates went down and deductions went down. Middle income folks generally benefited. There are reasons people are moving from the oppressive blue states.

 

I said property tax and interest is partially deductible. The Trump limited the deduction. Like I said, if you think now if a good time to upgrade on a house in FL, then I wish you good luck. Where I live (SE Florida), the property tax alone on a 'nice house' exceeds the deductible about, meaning none of the interest would be deductible, and average interest payments are about $19K. Also, insurance is becoming very hard to get. As a matter of fact, my insurance company told me they will remove hurricane coverage and they'll still charge me $3000, basically only for liability coverage. We'll have to go with Citizens which will cost $8000.

Sure. And there are reasons why others are moving out of Florida. Everyone has their reasons.

 

I have never understood the folks who complain about people leaving a state for another one. So what? People have been moving around our nation since its founding. As a lifelong Californian, believe me when I tell you that you do not want more people to move into your state. In fact, you should celebrate people leaving in droves.

 

That’s a risk of living in Florida. We have earthquakes in Cailifornia. As it has been the government has been subsidizing people building in hurricane zones.

 

I live in California. Taxpayers are moving out. Homeless and illegals are moving in. California governance is a disaster.

 

When you get hit (or missed) by a Cat 5 hurricane, it does take the fun out of a sunset. I just returned from Florida and a lot of FEMA money sill has not been disbursed, damage is still evident and unaddressed beyond moving the junk to the landfill.
Lastly, a goodly part of Florida's population is pensioners from up north who use Florida as a second home aka "snowbirds". They are getting squeezed by inflation and selling off their Florida homes.

 

Squeezed, - yes. The housing affordability is out of control, and getting worse and many long time residents and snowbirds are going elsewhere. Also, inflation of all goods has been double in Florida compared to the national average.

 

Thanks to Letitia, Gavin, and Sleepy Joe.

 

Feel free to blame anyone you want, but none of the above have anything to do with Florida housing affordability. Its actually funny you'd blame the governor of California for problems in Florida

 

It's people moving to Florida from California which is what our son and family did. He makes a bit less but has a much better quality of life. He was desperate to get out of California.