The Florida Chamber of Commerce says since 2018, Florida has seen an increase of 2.17 million new residents. That's the 2nd highest in the nation.
However, for the first time in a decade, a new report is revealing the state's net migration has taken a dip.
According to the chamber's latest migration trend report, Florida gained 126,008 net new residents from state-to-state migration in 2023. That's half of 2022's influx.
While Florida saw an increase of residents aged 60 and older, residents aged 20-29 are leaving in significant numbers. 22-year-old Orande Smith from Estero said he's looking to leave the Sunshine State because it's too expensive."Cost of housing is real high. I rent. I don't see myself buying anytime soon." said Smith.
Smith isn't alone. According to the report, 25% of people who moved out of state in 2023 cited high housing costs as the reason.
"We still have folks that are moving here. However, when you look at the folks are coming here, they're usually more affluent and not as severely impacted by the increased housing costs we've had," said Dr. Shelton Weeks, the Lucas Professor of Real Estate at Florida Gulf Coast University. "When you think about the folks that are coming here, that particular demographic tends to need a lot of services."
Meanwhile, the people who are moving out serve a vital role in our workforce. CareerSource of Southwest Florida spokesperson Amy Hanna-Eckenrode explains, "The younger generation is our future. The 20 to 25-year-olds are our stability. They are the ones that will plant roots and grow with companies."
The Chamber of Commerce's report says the second most cited reason for moving out of Florida in 2023 were job opportunities in another state. There seems to be a perception that Florida does not have many opportunities for young professionals, but Hanna-Eckenrode says the opposite is true.
"There are plenty of jobs. Florida is also one of the least expensive places to get a secondary education in the United States. So, the schooling is here. The opportunities are here." said Hanna-Eckenrode. "A lot of our businesses, we think, just basically need to do a better job of promoting themselves and what they have to offer."
FGCU Professor Dr. Weeks pointed out many of his students want to stay in Southwest Florida, but it comes down to what they're being offered. "At the end of the day, when they get an offer here, they have to weigh whether or not they can really afford to stay in the market, given what they'll earn and how it stacks up compared to the opportunities in other markets."