These are the Top States & Countries Migrating to Florida in 2024

Florida continues to be a magnet for people relocating from various parts of the world and the United States, drawn by its warm weather, appealing lifestyle, and favorable tax conditions. In 2022, the state topped the charts for net migration, with a staggering 185,000 population gain, marking the largest influx to date. Florida secured the first spot in domestic migration and ranked second in international migration, solidifying its position as a top relocation destination.

Miami stands out as the most favored destination nationwide, with four other Florida cities - Tampa, Cape Coral, Orlando, and North Port–Sarasota - making it to the top 10 list. Zillow's 2023 rankings placed Miami at number eight, while Jacksonville claimed the sixth spot, attributed partly to its status as Florida's youngest city, boasting an average age of 36.

Post-pandemic, the Miami real estate market witnessed an upsurge in foreign buyers, especially from South and Central America. Miami's close affinity with Latin America, both culturally and linguistically, attracts those seeking stability and financial security in the U.S.

Colombians emerged as the largest group among foreigners searching for homes in Florida, followed by Venezuelans, driven by civil unrest in their homeland. Other significant searchers include individuals from Argentina, Canada, Spain, the Philippines, China, Mexico, Germany, and India.

When it comes to actual purchases, Canadians led the list of foreign buyers, followed closely by Colombians and Argentinians. In terms of dollar volume, Canadians outpaced others, with Brazilians, Colombians, Argentinians, and buyers from the United Kingdom also making notable investments.

Florida has retained its top position as the preferred state for foreign real estate buyers for fifteen consecutive years, accounting for 23 percent of all foreign purchases, followed by Texas and California. Interestingly, 42 percent of these buyers paid in cash, a significantly higher proportion compared to existing home buyers.

However, a recent law effective from July 1, 2023, has placed restrictions on buyers from seven foreign countries - China, Cuba, Iran, North Korea, Russia, Syria, and Venezuela - prohibiting them from purchasing agricultural land or properties near military installations and critical infrastructure. This law, driven by national security concerns, has faced legal challenges on grounds of discrimination, particularly from Chinese nationals and a real estate brokerage catering primarily to the Chinese community in Florida.

There are exceptions for those with non-tourist visas or asylum seekers who can purchase one residential property of less than two acres not within a five-mile radius of any Florida military installation. The potential impact of this law on the real estate market and the state's economy remains uncertain.

Domestically, while Texas led in Miami real estate searches, New York retained its position as the top state for purchasing South Florida properties, largely attributed to the rise of remote work, allowing affluent New Yorkers to opt for Florida's beaches over city commutes.

Florida remains a sought-after retirement destination for those seeking a warm climate and a lower cost of living. Despite soaring home prices, Florida's real estate is considered a bargain compared to other U.S. regions and global markets. However, the state faces challenges with low inventory due to the overwhelming demand. Observing the market's trajectory will be crucial as the state continues to experience high migration rates.