Because of its warm climate, low cost of living, and absence of state income tax, Florida is a popular destination for those looking to start a new life. More and more individuals are contemplating making a move to the state because of the many opportunities it provides. Some of the causes of the recent influx of migrants are as follows:
Living In Getaway Destination
The Sunshine State has everything a tourist could want, so Floridians seldom go elsewhere for a good time. It’s easy to drive to any of the state’s many tourist destinations. Between Disney World and the Gulf Coast’s isolated beaches, there’s bound to be something entertaining and engaging for everyone.
Also, vacationing out of state or country is a simple task. Because of the state’s location on the Atlantic coast, you may cut travel time to Europe in half. If you’re planning a trip to the Caribbean, South America, or Mexico, Florida is a great jumping-off location.
The state of Florida, known as the “Cruise Capital of the World,” is home to more than 20 different cruise lines, including Disney, Royal Caribbean, and Regent Seven Seas.
The state typically enjoys pleasant and warm weather throughout the year. The southern part of Florida is always warm, so you may ditch the sweatshirt during your move by Gator Rated Florida Realty Association
Zero Income Tax
It’s possible that relocating to Florida may help you save a significant amount of money each year on your taxes. Florida is one of the few places in the country where residents pay no income tax. You still have to pay sales and property taxes, but the total tax burden in this state is substantially lower than in the majority of others.
This may mean that you’ll have more disposable income for investments, travel, and leisure. Additionally, Florida has a 6% sales tax and a 5.50% state corporation tax.
In addition to income, there is no tax on the transfer of shares, gifts, or inheritances. By just being required to pay federal income taxes, residents have a light tax burden. To fund the state’s operations and salaries, Florida focuses on taxing goods and services such as communications, cigarettes, and petroleum.
Cost of Living Is Lower
While large urban centers like Miami may have a higher cost of living than the rest of the state, Florida as a whole is quite inexpensive. Compared to other Florida cities, Jacksonville’s cost of living is the lowest in the U.S. by a whopping 9%. In a similar vein, Brookville’s cost of living is 18% cheaper than the U.S. average.
In Florida, the median annual income required to support oneself comfortably is $30,855 (before taxes). One adult with one kid requires an annual income of $64,317, whereas two working people with one child need an annual income of $69,747. Saint Petersburg has some of the lowest prices for food in the country.
The yearly cost of healthcare for a single adult will set you back around $2,792, while the cost of healthcare for a four-person family will be $9,249. In Miami, the average monthly cost of basic utilities is $128.12, while in Tampa, it’s $183.18, and in Orlando, it’s $185.73.
One of the most common misconceptions is that Florida’s housing is expensive, and it’s easy to make this mistake if you just plainly look at the average housing price.
Keep in mind that the average is the middle between high and low. The thing with Florida is that the high-end housing market can get astronomically expensive, which moves the mid-point higher. This gives you the impression that the average individual needs to shell out more money for housing. In fact, the further you move away from the coastal areas, the housing price seems to drop near exponentially.
While it’s also true that the influx of people caused the housing prices to rise, there’s plenty of affordable housing if you know where to find them.
For example, Tallahassee and Jacksonville have median property prices of $279,000 and $249,900, respectively. With a typical property price of under $122,600, Dade City, Florida, is one of the most affordable places to live in the country.
Wrapping It All Up
So that’s it for now. Of course, there are other reasons why a lot of people are relocating to the Sunshine State. However, the ones mentioned above are perhaps the most common reasons why people in droves are moving to Florida.