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☆ Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers
▼ + stars: | 2024-03-10 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Read previewThe Florida condo market is caught in a storm. By contrast, median condo prices nationally rose 8% over the same period, to around $340,000. A deepening insurance crisis for Florida homeownersThe rising cost of insurance has been a long-simmering problem in Florida. Recently, he walked away from buying a $300,000 condo in North Palm Beach that would have come with a $4,500 annual insurance bill. On his own single-family home in Palm Beach Gardens, Forina added, his annual insurance premium, which was $2,600 in 2017, jumped to $8,200 in 2024.

Persons: —, It's, Joe Humphfner, rusk, Florida homeownership, Holly Meyer Lucas, Meyer Lucas, Anthony Forina, Forina, Humphfner Organizations: Service, Business, Sunshine State, Farmers Insurance, Bankers Insurance, Homeowners, Wall Street Journal, Condo, Humphfner Locations: Florida, Jupiter, West Palm, Jacksonville, Miami, Coral, Florida's, South Florida, North Palm, Palm Beach

☆ The housing market is historically unaffordable - but a record number of Americans now own their home without a mortgage
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The share of US homes without a mortgage jumped five percentage points from 2012 to 2022 to a record near 40%, Bloomberg reported. Historically high mortgage rates and home prices have kept many Americans sidelined from the market. The share of homeowners that are mortgage-free surged 5% between 2012 and 2022, Bloomberg reported Friday, citing data from the Census Bureau, hitting a new record just below 40%. Construction is booming in these states, and the share of mortgage-free homes is high. West Virginia, meanwhile, has the largest share of mortgage-free homes, at about 53%, Bloomberg reported.

Persons: —, Holly Meyer Lucas Organizations: Bloomberg, Service, Census, Business Locations: Florida, Texas, South Florida . Texas, Arizona, West Virginia

☆ Stay or go: Why Americans are drawn to — or sick of — living in Florida
▼ + stars: | 2023-11-03 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Nearly 730,000 moved to the Sunshine State between 2021 and 2022, while almost 500,000 people left. Those who moved in love the lifestyle, while those who moved out say the state got too expensive. AdvertisementAdvertisementSome people love Florida, but some hate it: the Sunshine State is undeniably divisive. It's part of "the biggest migration" in a generation, said Holly Meyer Lucas, a real-estate agent in South Florida. People are tending to move in droves to lower-tax states, including Florida but also Texas and Arizona, she added.

Persons: —, Holly Meyer Lucas, Chris Brown, Ryan, Jami Wilson Organizations: Sunshine State, Service, Sunshine Locations: Florida, South Florida, Texas, Arizona, Chicago, Tampa, South Carolina

☆ The allure of Tennessee: Why Floridians are trading their sandy beaches for a quieter life
▼ + stars: | 2023-10-31 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Floridians, Texans, and Californians in particular are relocating there for a slower pace of life. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementLindsey Moore, a mom of three and a dental technician who posts about her life on TikTok @lindseyswagmom , recently extolled the virtues of her new home state: Tennessee. She said many Floridians are packing up for places like Knoxville, Tennessee; Greenville, South Carolina; and Huntsville, Alabama, which she collectively calls "the Villes." "People are moving to simpler places because the places that they're leaving are becoming very, very complicated."

Persons: —, Lindsey Moore, TikTok @lindseyswagmom, Moore, didn't, Texas —, Rachael Wedekind, Jamie Foreman, Holly Meyer Lucas, Meyer Lucas, they're, Michael Tyler Organizations: Texans, Service, Volunteer, Memphis, . Software, Oracle, Facebook, Sunshine, Golden State, Knoxville Locations: Tennessee, Floridians, Knoxville, Nashville, Memphis, Florida, California, Texas, New York, Pennsylvania, Smoky, Relocators, Miami, Orlando, Tampa, Knoxville , Tennessee, Greenville , South Carolina, Huntsville , Alabama, Sacramento, Jonesborough

☆ Florida is experiencing the 'biggest migration' in a generation. Here are 10 states locals are moving to.
▼ + stars: | 2023-10-24 | by ( Kelsey Neubauer | Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Floridians moving to Georgia, Texas and North Carolina have the same impetus for leaving, Meyer Lucas said. AdvertisementAdvertisementThe typical cost of a home in Florida was $384,300 at the end of 2022. The typical cost of a home in Georgia was $340,000 and the typical cost of a home in North Carolina was $345,100, according to Redfin. For those relocating to Texas, Meyer Lucas observed that people aren't going to places like Dallas, Houston, or Austin.

Persons: —, Holly Meyer Lucas, Floridians, Meyer Lucas Organizations: Service, Sunshine State, Florida, Yorkers Locations: —, — Florida, Georgia, North Carolina, Texas, New York, California, Florida, Florida , Arizona, South Georgia, Georgia , Texas, Dallas, Houston, Austin

☆ Wall Street and money moved into South Florida, driving up prices. Now some residents want to move out.
▼ + stars: | 2023-10-22 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +10 min

They're looking to nearby smaller cities in South Carolina, North Carolina, Georgia, and Tennessee. They're picking places like Knoxville, Tennessee; Greenville, South Carolina; Huntsville, Alabama; and Asheville, North Carolina; which she collectively refers to as "the Villes." AdvertisementAdvertisementWhy CEOs moved their lives — and their businesses — to FloridaWall Street moved to South Florida in droves in 2020 and 2021. Billionaire hedge-fund CEOs — like Citadel's Ken Griffin — paid record-shattering amounts for South Florida homes , added offices, and moved their businesses there entirely from New York, Chicago, and Silicon Valley. They bought a 2,400-square-foot, four-bedroom home on an acre of land for the same price in Greenville, South Carolina.

Persons: —, There's, Nicole Panesso, Holly Meyer Lucas, Meyer Lucas, Ken Griffin —, Brian Guzman, Guzman, Jonathan Miller, Ken Griffin, PATRICK T, FALLON, It's, Larry Ellison, Miller, Michael Bordenaro, Greg May, Marcia Straub, Keller Williams, Jill Cody, she's, Ryan Wilson, Jami, Alexander Spatari, Jami Wilson Organizations: Service, Sunshine State, Census Bureau, Orlando, Coral, Fort Myers, Florida Wall, Billionaire, Guzman Advisory Partners, Getty, West Palm Beach, Florida Atlantic University, Silicon, Oracle, South, South Florida metros, Fortune, Miami, Homes, Army Locations: Florida, Greenville, Knoxville, South Florida, Chattanooga , Tennessee, South Carolina, North Carolina , Georgia, Tennessee, Knoxville , Tennessee, Greenville , South Carolina, Huntsville , Alabama, Asheville , North Carolina, Realtor.com, Asheville, Miami, Gulf Coast, New York, Chicago, Silicon, West Palm, Fort Lauderdale, Palm Beach, Texas, North Carolina, Greensboro, Fort

☆ Floridians are looking to move to these 7 states
▼ + stars: | 2023-10-17 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Many Floridians have been priced out and are eyeing a move to nearby states. Florida homeowners were happy to make the million-dollar profits selling to wealthy families from New York and California, Meyer Lucas said. But people now are taking these profits "out-of-state along with the people who are teachers, cops, and firefighters," Meyer Lucas said. Realtor.com data shows that Floridians are looking at homes in Georgia the most, as well as other surrounding Southern states. Below are the top seven states Floridians searched for homes between July and October, according to Realtor.com.

Persons: —, they're, Holly Meyer Lucas, Meyer Lucas, Floridians Organizations: Service Locations: Florida, —, New York, California, Carolinas, Alabama, Georgia, Southern, Texas

☆ Locals are being priced out of Texas and Florida. Here's where they're looking for affordable homes instead.
▼ + stars: | 2023-10-15 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Home prices in Texas and Florida have increased 30% and 42% since 2019, according to Realtor.com. AdvertisementAdvertisementAs people across the US relocate to Florida and Texas, locals are feeling squeezed — and searching elsewhere for affordable homes. The typical cost of a home in Texas has spiked 30% since 2019, according to Realtor.com, and 42% in Florida during the same time period. These residents are increasingly searching on Realtor.com for homes outside of their state, suggesting they're willing to chase affordability across the country. AdvertisementAdvertisementFloridians are priced out too, and looking elsewhereMeanwhile, Floridians are eyeing homes nearby.

Persons: —, Hannah Jones, staters, Realtor.com, Holly Meyer Lucas, who's, Meyer Lucas Organizations: Realtor.com, Texans, Service, Wall Street Journal Locations: Texas, Florida, North Carolina , Tennessee, Georgia, South Carolina, Wisconsin, Minnesota, Tennessee , Colorado, Missouri, Alabama, South Florida

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