Florida has long been the Empire State’s sunny getaway, with 1.6 million former New Yorkers enjoying the Sunshine State’s warmth. But now, it seems the tables are turning — as more Sunshine Staters are ditching their palm trees for New York’s towering skyline.
That’s according to new research from PropertyShark, which finds Floridians are among the Big Apple’s most aggressive homebuyers — snapping up 219 properties worth $315 million in the first half of 2024 alone. That’s nearly $30 million more much more than they spent. in the same period a decade ago.
They’re not just snapping up any old apartment. Floridians are leading the charge in the luxury market, spending $141 million on plush pillows priced at $3 million and up. Florida’s high insurance rates, which are nearly triple the national average, mixed with dangerous weather conditions, have contributed to residents’ decision to check out the Empire State.
While nearly 739,000 people moved to Florida in 2022, about 490,000 packed their bags to leave — 21,300 of them making a beeline for New York.
This influx of Floridians into the New York City real estate market has them rubbing elbows with other big spenders. The best comes from neighboring New Jersey, which leads the pack with 345 bids this year.
The Garden State’s grip is loosening, however, as their share of out-of-state buyers fell from 27.6% in 2014 to 19% now, and they’re pouring $47 million less into the city than a decade ago.
Californians are struggling, too, with their presence in the New York housing market growing from just under 10% to 13.4% over the past decade. They have increased their spending by $107 million since 2014, bringing their total to $352 million in the first six months of 2024 alone.
But while out-of-state residents are busy shopping, native New Yorkers aren’t exactly sitting around. Of particular note, the Bronx is bucking the trend with a 20% increase in home purchases.
It remains unclear whether these homes Floridians are buying are primary or secondary residences.
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