(NewsNation) — As home prices skyrocket and insurance premiums soar, the cost of living has some Floridians rethinking life in the Sunshine State.
A new survey from Florida Atlantic University found nearly half of Floridians have considered leaving due to rising costs. About 45% say they’re living paycheck to paycheck and no longer believe the American Dream — especially homeownership — is within reach.
Housing prices in Florida jumped more than 50% during the pandemic, and while they’ve leveled off since, they remain well above pre-2020 levels, according to Newsweek. Property taxes have continued to rise, and Florida now ranks near the bottom for affordability — 49th out of 50, according to WalletHub. A study by SmartAsset found that a single adult needs to earn $97,000 a year to live comfortably in the state.
Sergio Altomare, a real estate veteran who leads Hearthfire Holdings, said post-COVID migration, stagnant wages, rising insurance costs and inflation are squeezing longtime Floridians, part of a larger affordability trend playing out across the country.
“This isn’t just a Florida story. It echoes many of the fast-growing, high-cost regions where economic opportunities exist side by side with affordability stress,” Altomare said. “You put those factors together, and now you’re getting pinched in a lot of different directions. Your wage inflation is not rising at the same level. You’re getting priced out of your own home.”
According to Altomare, the key is taking a hard look at your finances, auditing your cash flow, cutting any unused subscriptions and tightening your budget where you can.
“It’s very easy to understand the price of gas, but if you’re looking at the price of gas and you’re not evaluating the cost of your subscription model of, say, streaming television, I’ll use that as an example, or cell phone service, or pick your subscription model — then you’re kind of pointing at the wrong things,” Altomare said.
Eric Levy, who helped design the Florida Atlantic survey, said that while the numbers seem high, Floridians are “holding onto optimism,” even as they feel the squeeze from rising costs, and see these affordability struggles as temporary, not permanent.
“When we did the same survey nationally, we found the same numbers, so I think that Floridians are just like the rest of the country, and they’re recognizing the standard of living and that life can be a little bit more difficult,” Levy said.
Gov. Ron DeSantis has proposed eliminating property taxes in Florida as soon as 2027. The state has passed multiple laws aimed at boosting affordable housing and giving homeowners some relief, but those efforts do little for renters and don’t address bigger issues such as rising insurance costs, taxes and inflation that are leaving many Floridians stretched thin.
