Since 2022, major Florida cities such as Tampa, Jacksonville, and Miami have seen population growth upwards of 80%. Although the temperate climate is alluring, it seems that the popularity and commonplace adoption of remote work have certainly allowed more individuals to move to Florida. In fact, more than 16% of all Florida residents worked remotely in 2022 and that number is projected to rise even higher over the coming years.
On top of that, the Florida housing market has exploded post-pandemic, allowing accommodations for significantly more people. They have seen 137,000 new building applications, which is nearly double that of other major states like California. Furthermore, prospective homeowners have lower average home prices, which culminates in more first-time homeowner access than hotspots like California or New York.
However, it’s not just individuals who want to be in Florida. In fact, Florida holds the 3rd highest rate of new business applications per capita and the highest percentage of small businesses in the United States. Conversely, Miami has quickly become a hotspot for established tech companies as well. Major companies have seen expansions from tech giants such as Oracle and HP. But what could be driving them to the Sunshine State?
Firstly, the lower cost of living allows for a much broader and more diverse talent pool that employers can choose from. Florida has no state income tax, which allows you to take home more money. On top of that, the cost of living is much lower than in other tech hubs like New York and California, allowing money to stretch farther for tech employees. With the rising cost of seemingly everything due to inflation across the nation many are looking for all possible ways they can save money.
Secondly, Miami culture is already accepting and acquainted with tech culture. From the former FTX arena to Miami’s mayor championing cryptocurrency, Miami is a welcoming place to technological innovations. This is also echoed in the education system in Miami, and Florida as a whole. Miami Dade College, the University of Miami, and the University of South Florida also host the perfect environment for evolutionary students to learn about and grow major technological fields. Having alumni connections at these schools also helps to place graduates into the tech sector straight out of college without even having to move states.
Finally, Miami’s undersaturated commercial tech sector means that there is more space available for companies to move in. Unlike Silicon Valley, tech businesses are able to expand and purchase more buildings, especially at Florida’s cheaper prices. By growing office space, you are able to dig the roots of any business and further extend its reach. But whether you want to relocate your business or become a permanent resident, it’s important that you do it the right way with the right help.
From conventional loans to USDA loans, there are a plethora of loan options for both consumer and commercial purposes. This is because each option offers different advantages, from a lower down payment to including payment assistance different options will make more sense for different circumstances. While the many options can be daunting, mortgage companies such as Next Wave Mortgage make the process much easier by gathering information about you or your business and matching you to a mortgage that is right for your needs.
With these mortgage companies, you can access resources to self-educate on your loan options, down payment assistance, and even rebates from real estate commissions. Aside from resources, they also connect you to a 1% closing credit on purchases and/or a 1% cashback rebate when you sell.
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