Florida – While Florida has long celebrated an influx of new residents, a recent report suggests that rising housing and insurance costs are prompting more Floridians to move out, with neighboring states emerging as preferred destinations.
According to a new analysis by Cotality—formerly known as CoreLogic—the state’s historic growth narrative may be shifting. The report, titled “Florida On the Brink,” highlights a noticeable decline in mortgage applications within Florida, contrasted with a surge in applications in nearby states such as Georgia, North Carolina, South Carolina, Tennessee, and Texas.
“These five states now account for 48% of mortgage applications from people relocating out of Florida,” the report stated. “Their lower costs and reduced exposure to natural hazards make them appealing alternatives.”
Florida’s surging housing prices, soaring homeowners insurance premiums, and increasing climate-related risks—including hurricanes—are cited as key drivers of the outbound trend. The report notes that while Florida’s population is still growing, these factors may soon erode the state’s appeal.
“For now, Florida’s growth story isn’t over. But if affordability worsens and storm risks intensify, today’s trickle of outbound movers could become a flood,” the report cautioned.
However, industry voices are pushing back on some of the conclusions. Insurance advocates point to reforms passed in 2022 that curtailed excessive claims litigation, which they say has helped stabilize the market. The Florida Office of Insurance Regulation noted that at least 13 new insurance companies or subsidiaries have entered the market in the past two years, bringing increased competition and, in some cases, modest rate reductions.
Despite these developments, concerns remain. With affordability and climate vulnerability at the forefront, Florida’s future as a magnet for new residents may depend on how the state addresses these evolving challenges.
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