TALLAHASSEE, Fla. – June 3, 2009 – Migration – the movement of people into and out of a geographic area – impacts a state’s economy and real estate market. Because birth and death rates are usually low and stable, migration often accounts for the largest changes in population growth, decline and redistribution.
Migration patterns have a big impact on real estate professionals, and Florida has one of the greatest levels of domestic migration. Florida’s total population was 18.3 million in 2008, and, according to the Census Bureau estimates, will reach 19.3 million by July 2010, and approximately 23.4 million by 2020. The Census Bureau estimates a 79 percent increase in total population between 2000 and 2030, ranking Florida third highest in projected population growth.
Twenty-two percent of the state’s population in 2007 was under 18 years old, and 17 percent was 65 years and older. By 2015, 21 percent of the state’s population is projected to be under 18 years of age, and 19.5 percent will be 65 years and older. Furthermore, Florida is a favorite state for many second home buyers, both from other areas in the U.S. as well as from abroad. While the state still attracts retirees, it also appeals to many young college graduates.
A Florida Association of Realtors®’ study conducted by the National Association of Realtors® analyzes mobility and migration trends for Florida, and includes information on recent second home purchase activity. It includes projections for future migration patterns, including expected housing demand by different demographic segments, states with high volumes of in-migration to Florida, and expected changes in the existing home sales.
The report also compares Florida second home purchases to other states; mortgage data on second home purchases compared with primary residences; and recent changes in purchases by income and race.
The complete study is available on floridarealtors.org at:
http://www.floridarealtors.org/LegislativeCenter/Research/index.cfm
© 2009 FLORIDA ASSOCIATION OF REALTORS®
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