# Don't Move to Florida in 2024 Until You Watch This Video

# Don't Move to Florida in 2024 Until You Watch This Video

Moving to Florida in 2024? Before you pack your bags and head to the Sunshine State, there are a few important things you need to know. Here are eight crucial factors to consider to ensure you have an accurate picture of what to expect.

## 1. Average Home Prices: Florida's Housing Market in 2024

Florida has long been a popular destination for those seeking affordable housing. However, the influx of out-of-state transplants has driven up housing prices, leaving many local Floridians struggling to find affordable homes. Despite an increase in inventory, with a 60% rise from a year ago, prices are still on the rise, albeit slowly.

In May 2024, the median sales price for all property types across Florida was $426,581. Here's a breakdown of median prices in major areas:

- Orlando: $450,000
- Deltona-Ormond Beach-Daytona: $365,000
- Ocala: $289,900
- Miami-Fort Lauderdale-West Palm Beach: $640,000
- Gainesville: $353,000
- Pensacola: $335,000
- Tampa-St. Pete-Clearwater: $424,000
- Jacksonville: $405,000

## 2. Homeowners Insurance Crisis

Florida is currently facing a homeowners insurance crisis. Securing insurance isn't as simple as calling up a provider. For most homes, you need a 4-point inspection report (covering AC, wiring, plumbing, and roof) and a Wind Mitigation report (assessing roof durability against water intrusion and high winds). Coastal homes, those in flood zones, and older properties without updates face the highest insurance costs. New construction homes tend to have more reasonable insurance rates. This situation is evolving, with new insurance providers entering the market, potentially offering relief.

## 3. Builder Incentives for New Homes

Builders in Florida are eager to sell newly constructed homes, especially completed ones. They offer attractive incentives like 4.5% interest rates, covering nearly all closing costs, and occasionally reducing prices. These incentives are strategic, allowing builders to entice buyers without affecting future appraisals. The best deals are often found on homes that need to be sold quickly, such as those where previous buyers couldn't secure financing. However, be cautious if you plan to sell your home within a few years, as competing with builders can be challenging.

## 4. High Car Insurance Costs

Car insurance in Florida is among the highest in the country, averaging $3,945 annually for full coverage as of June 2024. Contributing factors include a high number of uninsured drivers, frequent litigation, extreme weather, and varied driver profiles. Bundling car insurance with homeowners insurance can sometimes offer discounts.

## 5. Property Taxes: What You Need to Know

Understanding property taxes in Florida is crucial. The taxes paid by the current owner have no bearing on what you'll pay as a new owner. The Save Our Homes Act limits annual increases in assessed value for long-time homeowners, but this resets when the property changes hands. Use property tax calculators to estimate your taxes based on your purchase price. Keep in mind that the millage rate can change, though it's also limited in how much it can increase each year.

## 6. Condo Market Changes

If you're considering moving into a condo, especially an oceanfront high-rise, be aware of significant changes due to new legislation. Many condo owners are trying to sell quickly, leading to potential firesale prices. Watch my in-depth video on the condo situation in Florida to understand the risks and what you need to investigate before buying.

## 7. No State Income Tax: A Financial Advantage

One of Florida's major draws is its lack of state income tax. This can save you a substantial amount of money, especially if you're moving from a state with high income taxes. Florida also exempts retirement benefits from state taxes, including income from part-time work, social security, pensions, 401(k), and IRA distributions. Additionally, there is no inheritance tax in Florida, providing significant savings for residents and their heirs.

By considering these factors, you can make a more informed decision about moving to Florida in 2024. Be sure to watch the video linked above for a deeper dive into these topics and more.