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lorida's appeal as a retirement destination is waning due to its increasingly unpredictable weather and rising costs. The state has been hit by devastating hurricanes, including Hurricane Ian in 2022, which caused widespread destruction and left thousands without power. In fact, cyclones have resulted in over 10,000 deaths and $300 billion in damage since 1943.
This year's Hurricane Milton brought a 10-foot storm surge and ferocious winds to the state, destroying homes and businesses in Orlando, Tampa, and other areas. The damage is estimated to be in the billions, with many homeowners facing skyrocketing insurance costs and assessments from condo associations. In some cases, insurance premiums have tripled, making it difficult for retirees to afford.
The new inspection laws passed in 2022 are also contributing to the exodus out of Florida. Condo owners are reporting increased fees and assessments, which is having a direct impact on prices and sales. Inventory has skyrocketed, with many homes sitting vacant due to the financial burden on homeowners.
According to United Van Lines, worsening weather and climate change were cited as reasons for people moving out of Florida in 2024. In fact, South Carolina, North Carolina, and Wyoming were among the top three states where people were flocking to. California had the greatest number of people leaving due to high real estate taxes and housing costs.
However, despite these challenges, many are still drawn to warmer climates with lower cost of living. But for Florida, its shine has faded, with it experiencing the second-largest population loss in 2024. The state's reputation as a desirable retirement destination may never be the same.
As one example of the devastating impact of these events, the collapse of Champlain Towers in Surfside, Florida on June 24, 2021, killed 98 people and remains one of the deadliest structural engineering failures in U.S. history. With this in mind, it's essential to do your due diligence when considering a move to Florida or any other state.
