Jacksonville Beach, Florida: Popular tourist destination — Courtesy: Image by JJacob Boomsma from Shutterstock
Some Floridians are reconsidering life in the Sunshine State due to the high cost of living, which is reflected in the soaring costs of homes and insurance rates.
According to a recent Florida Atlantic University survey, almost half of Floridians had thought about leaving because of growing expenses. Approximately 45 percent of people claim to be living paycheck to paycheck and no longer think that the American Dream, particularly homeownership, is attainable.
According to Newsweek, Florida housing prices increased by more than 50 percent during the epidemic and, although they have since bottomed off, are still significantly higher than they were before 2020. Due to the ongoing increase in property taxes, Florida is currently ranked 49th out of 50 states in terms of affordability. In order to live comfortably in the state, a single adult must make $97,000 annually, according to a SmartAsset research.
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Longtime Floridians are being squeezed by post-COVID migration, stagnating salaries, growing insurance prices, and inflation, according to Sergio Altomare, a real estate veteran and the head of Hearthfire Holdings. This is part of a broader affordability trend that is occurring nationwide.
“This story isn’t limited to Florida. It is similar to many of the rapidly expanding, expensive areas where there are both economic prospects and affordability pressures, Altomare added. When you combine those elements, you find yourself being squeezed in many different ways. The inflation of your wages is not increasing at the same rate. Your own house is becoming too expensive for you.
The secret, according to Altomare, is to examine your finances closely, audit your cash flow, cancel any subscriptions that aren’t being used, and, if possible, tighten your budget.
“It’s very easy to understand the price of gas, but if you’re looking at the price of gas and you’re not evaluating the cost of your subscription model—for example, cell phone service, streaming television, or whatever you’re using as an example—then you’re kind of pointing at the wrong things,” Altomare stated.
As delinquencies continue to rise, household debt reaches a record $18.6 trillion.
Even if the figures appear high, Floridians are “holding onto optimism,” according to Eric Levy, who assisted in creating the Florida Atlantic study. They perceive these affordability issues as short-term rather than long-term.
“We found the same numbers when we conducted the same survey nationwide, so I believe that Floridians are acknowledging the standard of living and that life can be a little bit more challenging, just like the rest of the country,” Levy said.
Florida’s governor, Ron DeSantis, has suggested doing away with property taxes as early as 2027. Numerous legislation have been established by the state to increase affordable housing and provide some relief to homeowners, but these initiatives have little effect on renters and fail to address more pressing problems like inflation, rising insurance premiums, and taxes that are burdening many Floridians.
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Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.
