Florida Faces Competition in Retiree Home Market
April 1st, 2007
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Most of the time it starts with vacations. Vacations stretch into winters. Lured by the warm weather, snowbirds purchase a second home in Florida and spend years traveling between South Florida and their homes in colder areas of the country. Finally, tired of juggling two homes, these retirees decide to live full time in their Florida condo. |
After years of cold weather and lots of snow, “it’s enough.” In addition to warmer weather, cost of living is a bargain compared to areas such as New York and California, and don’t forget Florida has no state income tax.
A recent University of Florida study indicates: almost one in four people ages 55 and older who moved full time to the Sunshine State between 2000 and 2003 started out as a snowbird. In addition, 30 percent of current snowbirds said it was likely or very likely, they would move to Florida year-round at some point.
The study found that Florida led the country in the number of snowbirds, with about 818,000 winter residents in 2005, followed by Texas and Arizona. Snowbirds contribute billions of dollars to the economy. But with spiraling property taxes and the threat of hurricanes, Florida is facing more competition from other states that are becoming attractive to seniors, such as Georgia and the Carolinas, said demographer William Frey of the Brookings Institution in Washington.
If you think now is the time to buy in Sarasota Florida, Annette Smith, Realtor® with RE/MAX Properties is available to help you be an informed home buyer or home seller in today’s changing Sarasota real estate market.
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