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As South Florida continues to see a constant migration of new residents from northern states, some new residents are also driving north on Interstate 95.

“We moved to Lake Worth March 1,” Ted Belloise, who moved from Broward County.

He said he moved to Palm Beach County without having to move his business, Florida Integrated Security.

“Let’s face it, even in Broward County now, if it’s past 3:30, you don’t leave your house because the traffic is too crazy,” he said.

Traffic is just one reason real estate professionals said people are leaving Miami-Fort Lauderdale for Palm Beach and the Treasure Coast.

“Everything thing right now is about the letter “I,” and I is for inventory. It’s for interest rates. It’s for inflation,” Jeff Lichtenstein of Echo Fine Properties in Palm Beach Gardens said.

He adds that many people relocated from the south are also going directly to the Port St. Lucie area.

Data from Florida Atlantic University points to 10-year population projections at 20% for Martin, St. Lucie and Indian River counties. Palm Beach County is not too far behind at 12%. Broward County’s growth projection is 7.35% while Miami-Dade County is 3.8%.

“As Palm Beach County east of I-95, east of [Florida’s] Turnpike has gotten more filled up, then they’re going farther north, then it’s the next 30 to 35 minutes,” Lichtenstein said.

Belloise, who started living in his first home in Miami-Dade County, said he may keep going north.

“Every 25 years I go up a county, so I’m just hoping to make it to Martin [County],” Belloise said.


Source:  WPTV

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Despite any detrimental weather events, a record high number of relocating US homebuyers are figuring, “How can we not afford to move to Florida.”

Their reasoning is for affordability’s sake, as half of the top 10 migration destinations are in Florida (Cape Coral, North Port-Sarasota and Orlando are on the list, along with Miami and Tampa), reported Redfin this week.

This, despite Hurricane Ian, one of the deadliest, most destructive storms in US history, landing in the Sunshine State in September.

In October, with no data yet to show what impact the hurricane will have had, reported that migration to Florida could fall in volume, according to John Burns Real Estate Consulting (JBREC).

“Southwest Florida has ranked as one of the top destinations for net migration in the US with over 20,000 residents moving into the region in the last four years,” the firm wrote. “While we expect some slowdown in population growth in the near term, the eastern suburbs could gain market share.”

Anywhere But Here

Overall, 24.1% of U.S. homebuyers looked to move to a different metro area in the three months ending in October, which is on par with the record high of 24.2% set in the third quarter and up from roughly 18% in 2019.

Significantly higher mortgage rates, elevated inflation and a somewhat choking economy has cooled the US housing market over the second half of 2022, leading many to seek relative affordability elsewhere.

Las Vegas and Sacramento are other attractive alternatives among Sunbelt markets. Conversely, homebuyers looked to leave San Francisco, Los Angeles, New York, Boston and Washington, D.C., according to Redfin.


Source:  GlobeSt.