Is the Great Migration to Florida Slowing Down?

Florida has long been a top destination for Americans relocating from high-tax, high-cost states. But in 2024, signs point to a cooling trend in domestic migration, even as total population growth remains strong. According to new estimates from the U.S. Census Bureau, the net number of Americans moving to Florida dropped sharply from 317,923 in 2022 to just 63,346 in 2024.

Yet at the same time, U-Haul’s 2024 Growth Index ranked Florida as the No. 4 growth state in the country, based on over 2.5 million one-way moving transactions. That may seem contradictory, but together, these data sets reveal a more complex story.

A Closer Look at Florida's Population Growth

Between 2023 and 2024, Florida added 467,347 new residents, according to the Census Bureau’s Vintage estimate. The majority of this growth, 411,322, came from international migration, while the number of people moving from other U.S. states fell significantly.

Although that may raise concerns about the state’s appeal to domestic movers, Florida remains a magnet for international talent, retirees, and foreign investors. The Census also showed the South as the fastest-growing U.S. region, with a net gain of nearly 1.8 million people.

U-Haul: Florida Still Attracting Movers

U-Haul’s 2024 data tells a slightly different story, one based on actual moving truck transactions. Florida ranked 4th among all U.S. states for net in-migration through U-Haul’s one-way rentals, following South Carolina, Texas, and North Carolina 

Despite a 1% drop in arrivals and a 0.5% drop in departures, Florida still saw a net gain in U-Haul movers. That marks the 10th year in a row that Florida has ranked in the top 4 growth states using this metric. 

So, while Census data shows slower domestic growth, U-Haul data confirms continued demand for moving into Florida, just at a slower rate.

Top Florida Growth Cities for Movers

U-Haul identified several Florida cities driving the state's growth, including Port St. Lucie, Sarasota, Palm Bay, Daytona Beach, North Port, Ocala, Clermont, and Davenport. These cities share a few key traits: more affordable home prices, job growth, and expanding infrastructure. They’re also among the communities experiencing the highest levels of internal migration within Florida.

Rising Home Prices May Be Slowing Inbound Moves

One major reason for the slowdown in state-to-state migration is housing affordability. The median home price in Florida rose to $393,500 in late 2024, above the national average. In cities like Miami, the median listing price has skyrocketed to $629,575, pricing out many would-be buyers.

Cotality data shows that housing costs, insurance premiums, and infrastructure stress are now forcing some Floridians to look elsewhere, particularly Georgia, the Carolinas, Texas, and Tennessee.

Florida's New Role in National Migration

Despite challenges, Florida remains a powerful magnet for certain groups:

• International migrants
  

• Retirees seeking low-tax living
  

• Tech and finance professionals relocating to Miami and Fort Lauderdale
  

• Families drawn to mid-size cities with affordable housing like Palm Bay, Ocala, and Clermont

U-Haul also notes an uptick in younger movers looking to start families in Florida, thanks to job opportunities from companies like Amazon, Walmart, and regional healthcare networks.

Is Florida Still a Good Investment?

For buyers and investors, the answer is: it depends on where and what you're buying.

• South Florida real estate continues to see demand and high prices in places like Boca Raton, Fort Lauderdale, and West Palm Beach.
  

• Mid-size cities and suburbs offer more affordability and growth potential.
  Insurance and storm risks must be weighed more heavily than ever before.

If you're considering entering or exiting the Florida real estate market, the best approach is a hyper-local strategy.

What It Means for Buyers and Sellers

While the “great migration” may be cooling, Florida real estate is far from slowing down. The focus is shifting, from rapid statewide growth to targeted city-by-city movement.

Here’s what to watch:

• Homes under $400K in growing cities like Palm Bay and Ocala are seeing higher demand
  

• Investors are targeting affordable rental markets where infrastructure is expanding
  

• Insurance costs may start influencing pricing trends in coastal regions
  

Need Help Navigating South Florida’s Real Estate Market?

South Florida still offers sunshine, strong job markets, and tax advantages, but buyers and sellers need to be smarter and more strategic than ever before.

Contact The Mastropieri Group, Realtors® at (561) 544-7000 for expert insight into where Florida’s real estate market is heading next. Whether you're buying in Boca Raton, relocating to or selling in Fort Lauderdale, we’ll help you make the right move.

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