Florida has long been a popular migration destination due to the weather, lifestyles, and the fact there is no state income tax, but demand has increased the last couple years. What's changed? In a word...COVID.
Work From Home
Covid has changed the workplace dynamic. It had long been thought that productivity would fall if employees were not in the office. That did not happen during Covid, and thus spawned the work from home movement. No that covid is more in the rear view mirror, many companies have adopted new office policies. Either a hybrid model, where employees are only required to come to the office a couple days a week, or allowing employees to work completely from home. This freedom has enabled employees to rethink where they live, and not be constrained to locations in close proximity to the office. So if you could live anywhere, where would you live? Perhaps where properties are still relatively affordable, locations with great lifestyle options, and a state with no state income tax? (i.e. Tampa Bay)
Geo Political Climate
We usually follow the guidelines of not talking about the big three...politics, religion, and money. During the covid 19 pandemic, there were locations in the United States that shut down, some that stayed open, and some that had a combination of the two. We are not saying anyone was right or wrong, and there are very good arguments on both sides of the fence, but as it relates to migration patterns and housing, shutting down had a devastating impact on local economies and business. Small and large business owners want to know that they are at least going to have the ability to stay open and not be forced to close. Local and state government officials in Florida put an emphasis on trying to keep local shops and restaurants open for business while at times, social distancing and wearing masks during the beginning of pandemic. While they were not able to save every business, the economic impact was less than some other parts of the country. Now businesses looking to open or move their business are eyeing markets like Tampa Bay.
Affordability
When moving anywhere, what's the one thing that has the most impact on the location, size, and style of house buyers purchase? Affordability. When compared to California, NYC, Washington DC, Miami, Tampa Bay seems really affordable. You have a nice job in Manhattan, you can now work from anywhere, you sell your $4,000,000 2,000 sq/ft condo in the city, and you can purchase at 5,000 sq/ft home on the water in South Tampa. We see this scenario play out almost every single day over the previous year.
Posted by Shane Vanderson on
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