Hey Florida, There Are Some New Kids in Town

Good news, Florida boomers: those new neighbors moving in can help set up your iPhone and install anti-virus software, all for the price of an avocado toast. In other words, millennials are coming to town! Per Business Insider, there's been a shifting demographic in who is moving to Florida. While boomers notoriously flock to retire in the Sunshine State, they've recently been overtaken by a younger set. Between 2021 and 2022, more than 29% of the 739,000 people relocating to Florida were millennials (boomers made up 25%, with Gen Z close behind at 21%). "I think this is the biggest migration that we're going to see certainly in our generation—but maybe in our lifetime," real estate agent Holly Meyer Lucas told BI.

The reasons younger folks are choosing Florida include the weather, beach access, business prospects, and lower taxes, particularly for homebuyers. On average, those moving to Florida earned $55,000 annually, with 49% looking to purchase property, and home prices averaging $500,000 there. Notably, many were leaving New York (over 91,000) and California (nearly 51,000), where prices for homes are soaring—Forbes puts them in the top three states with the highest average home prices, just behind Hawaii. According to Robb Report, high-earning millennials (those making $200,000-plus) also favor Florida, along with Texas and New Jersey. (The cities millennials are moving to tell a different story).