Within the past decade, the Sunshine State has seen over 3 million new residents. Even major cities like Orlando and Miami have seen a population growth surge of 70% and more. While this trend is surprising what might be even more interesting is that the trend has seemingly intensified since the 2020 COVID pandemic.
Aside from Florida’s temperate climate, it’s likely that some of the lockdown’s unexpected consequences allowed for more Florida residents. For instance, the introduction of remote work offered much more flexibility to employees. Now, employees could earn a living all while enjoying the Florida sun, which was the case for over 16% of Floridians. Aside from this, the cost of living might have been a huge reason for some employees to move when their jobs allowed them to work remotely.
Recently, Florida has become the home to newly created businesses post-pandemic, especially in the tech industry. Startups like Taxfyle, Novo, and REEF Technology all contribute to Florida having the highest percentage of small businesses in the U.S. Consequently, Florida sees over 134,000 building applications and the 3rd highest employment increase in 2023. The amount of employment opportunity isn’t the only perk of being a Florida resident, though.
Most tech employees find themselves in major tech hotspots like Silicon Valley or New York City, with a very high cost of living. However, tech employees in the Sunshine State see a cost of living up to 33% lower than in California or New York. Additionally, Florida employees do not have state income tax, which leads to a larger take-home pay than New York or Cali.
However, much more is at play to transform Florida into a tech hotspot. But it isn’t just new tech companies that occupy Florida. In recent years, major software companies such as Oracle and HP have claimed a stake in Florida, with many more tech companies showing similar expansion. This is likely related to the diversity of labor. As mentioned above, the lower cost of living means there is a much larger talent pool to choose from. Furthermore, Florida is also home to major tech universities like Florida International University and the University of Miami. These colleges foster an environment for young and motivated students of tech, who have much to offer established tech companies. Couple that with plenty of business real estate to move into, it is not only feasible but smart to take advantage of what Florida has to offer.
But whether you want to take advantage of Florida’s cheaper home prices or its explosion into a tech hotspot, it’s important to do it right. Whether you are a business looking to move into a commercial building to help engineer Florida’s tech hotspot. Or a tech employee hoping to become a part of it by moving and buying their own home in Florida, there are many confounding factors to consider before moving your business or becoming a resident. Fluctuating interest rates and the various mortgage types are just a few factors that might impede a smooth transition to Florida.
Fortunately, understanding a Florida mortgage can be made easy with mortgage companies such as Next Wave Mortgage. These mortgage companies can connect with you and help educate you on things like loan options and down payment assistance. Additionally, they can also connect you to a closing credit and cashback rebate to ensure your mortgage is made simple, easy, and smart. Most importantly they are able to make sure you have all the information you need to make a wise decision on moving you or your company to Florida.