It’s no secret that people are moving to Florida in droves. While South Florida has long been the top U.S. destination for international buyers, residents of other states are relocating here in large numbers, seeking warm weather, lower taxes, and a more relaxed lifestyle. 

In 2022, Florida ranked first in total net migration, the difference between the number of people moving in and moving out of a state. The total population gain last year was 185,000, the largest number to date for residents moving in year-to-year. The Sunshine State also ranked first in domestic migration, second in international migration, and topped all other states with the number of people moving in per day. That total population now ranks third in the nation, surpassed only by California and Texas. 

Nationwide, Miami is the most popular migration destination. Four other Florida cities make the top 10 list:

• Tampa
• Cape Coral
• Orlando
• North Port–Sarasota 

For 2023, Zillow ranked two Florida cities in its top 10 hottest housing markets. While Miami came in at number eight, Jacksonville took sixth place honors, partly due to its status as Florida’s youngest city, with an average age of 36. 

For the fifteenth consecutive year, Florida took top honors when it came to foreign real estate buyers.

Top Foreign Searchers

Since the pandemic, foreign buyers have flooded the Miami real estate market. It makes sense that people from South and Central America are buying homes in South Florida. Miami is often called “the northernmost city in Latin America.” The migration north concerns more than lingual and cultural affinities, although those are important. Those moving to Florida from Latin America also seek the financial stability offered by the U.S.

As has been true for several years, Colombians make up the largest number of foreigners searching for new homes in Florida, at just over 11 percent. Venezuelans, dealing with civil unrest, crime, and terrorism in their native land, accounted for 6.9 percent of searches. The other top countries for searches include:

• Argentina
• Canada
• Spain
• Philippines 
• China
• Mexico
• Germany 
• India

Top Foreign Buyers

While Colombia leads the list of foreign nationals searching for Florida real estate, Canada leads the list of top foreign buyers by a considerable margin. In 2022, Canadians made up 21 percent of foreign buyers, followed by Colombians and Argentinians, tied at 8 percent. Brazilians are fourth at 6 percent and Peruvians at 4 percent.

When it comes to top foreign buyers by dollar volume, Canadians still lead the way. Brazilians come in second, Colombians third, and Argentinians fourth. Fifth on this list are buyers from the United Kingdom. 

For the fifteenth consecutive year, Florida took top honors when it came to foreign real estate buyers. The Sunshine State accounted for 23 percent of all foreign purchases, followed by Texas and California tied at 12 percent each. Overall, 42 percent of all foreign buyers paid cash for their homes, compared to 26 percent of existing home buyers. 

However, a lawsuit has already been filed, arguing the ban is discriminatory.

Foreign Buyer Law

There are likely many foreign nationals who want to buy land in Florida but are no longer permitted to do so. A new law went into effect on July 1, 2023, that bans buyers from seven foreign countries from purchasing agricultural property in Florida or any property located near military installations or critical infrastructure. The latter category includes airports, power plants, refineries, and chemical manufacturing plants. 

The law affects the following countries:

• China
• Cuba
• Iran
• North Korea
• Russia
• Syria
• Venezuela 

Obviously, these countries were singled out because they pose a potential threat to national security. However, a lawsuit has already been filed, arguing the ban is discriminatory. This lawsuit was filed by a group of Chinese nationals who live, work, and raise their families in Florida and Multi-Choice Realty, LLC, a real estate brokerage whose clientele consists primarily of Chinese and Chinese-American people. Note that China stands seventh on the list for foreign searches. The plaintiffs allege that the ban “imposes especially draconian restrictions on people from China.” 

There is one exception to these prohibitions. Those with non-tourist visas or who have been granted asylum may buy one residential property of less than two acres that is not within five miles of any Florida military installation. There are more than a dozen such military installations in the state. Many of these military installations are five miles or less from the city centers of Jacksonville, Orlando, Pensacola, Tampa, and Key West. 

Whether the ban will affect the Florida real estate market or harm its economy remains to be seen. 

As it has for decades, Florida remains a top retirement destination for those seeking a lower cost of living in a warm weather climate.

Top Domestic Searchers

The Lone Star State led the way in domestic Miami real estate searches, but New York remains the top state for purchasing South Florida properties overall. The rise of remote work means affluent New Yorkers can trade a commute into the city for the beaches of Florida. 

Top domestic searchers also include Georgia, Virginia, Illinois, and California. As it has for decades, Florida remains a top retirement destination for those seeking a lower cost of living in a warm weather climate.

The rise of remote work means affluent New Yorkers can trade a commute into the city for the beaches of Florida. 

Florida Real Estate is a Bargain

Yes, home prices in Florida have soared in recent years. However, compared to other world and U.S. markets, Florida real estate is a bargain. As of August 2023, the median home price in Florida was $415K. That’s just slightly below the average median U.S. home price of $417K, according to the Federal Reserve Bank of St. Louis. Compare that to the median sale price of homes in the Northeast, at $789,600, or the West at $547,900. While the Midwestern median was $397,600, that is not much of a price difference from the Florida median when taking cold weather into consideration. 

While home prices and market rates are expected to continue rising in Florida, overall inventory is still low. That’s to be expected when everyone wants to move to your state!