Orlando Luring Residents from Miami, New York
February 23rd, 2024 by tisner
A growing number of in-state and out-of-state residents are moving to Orlando, drawn by the cheaper housing prices and attractive amenities.
ORLANDO – The City Beautiful is looking more attractive every day.
While Miami and Fort Lauderdale remain the top spots for Florida newcomers, Orlando is growing more attractive. Census data show that between July 2021 and July 2022 about 730,000 people moved to Florida, with the largest number of migrants from the millennial generation – many from New York and California.
Moving company Pods found that Orlando ranked No. 3 in long-distance moves in 2023, up from No. 9 in 2022. Census data show that more than 100,000 people moved to Orange County, where Orlando is located, between 2017 and 2021, and 50,000 of those movers were from other parts of Florida.
Orlando’s population has grown steadily to 307,573 in 2020, and the University of Florida’s Bureau of Economic and Business Research ranked the city No. 5 in terms of population change, with the addition of 19,415 residents from 2020 to 2023.
Homes in Orlando are more affordable than other cities at $394,950 on average, compared to $500,000 in Miami. A September 2023 Zillow report also found that Orlando ranked in the top six housing markets gaining the most value, rising 72.3% since 2019 to $382 billion as of June 2023.
Freddie Smith, a real-estate agent who moved from Los Angeles to Orlando in 2022, said Orlando is a big draw because there are cheaper homes than other parts of Florida with the same amenities. such as nearby beaches, entertainment and recreational opportunities.
“When it comes to people who can’t get a starter home in South Florida, they’re coming to Orlando. You can still grab one for $375,000-ish, maybe $350,000 if you’re lucky. That’s a huge difference compared to $700,000 in South Florida,” he told Business Insider.
Source: Business Insider (02/06/24) Pandy, Jordan
©2024 Smith Bucklin
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