Florida has long been the Empire State’s sunny escape, with 1.6 million ex-New Yorkers basking in 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 a new study from PropertyShark, which reveals that Floridians are among the most aggressive buyers of Big Apple homes — snapping up a whopping 219 properties worth $315 million in just the first half of 2024. That’s nearly $30 million more than what they spent in the same period a decade ago.
They’re not just grabbing any old apartment. Floridians are leading the charge in the luxury market, shelling out $141 million for swanky pads priced at $3 million and up. Florida’s high insurance rates, which nearly triples the national average, mixed with hazardous weather conditions, have contributed to residents decision to look at 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 back to New York.
This influx of Floridians into New York City’s property market has them rubbing elbows with the other big spenders. The top ones come from neighboring New Jersey, which leads the pack with 345 deals this year.
However, the Garden State’s grip is loosening, as their share of out-of-state buyers dropped from 27.6% in 2014 to 19% now, and they’re pouring $47 million less into the city compared to a decade ago.
Californians are also muscling in, with their presence in New York’s residential market growing from just under 10% to 13.4% over the past decade. They’ve upped their spending by a cool $107 million since 2014, bringing their total to $352 million in the first six months of 2024 alone.
But while out-of-staters are busy buying, local New Yorkers aren’t exactly sitting on the sidelines. Of particular note, The Bronx is bucking the trend with a 20% boost in home purchases.
It remains unclear whether these homes that Floridians are buying are primary or secondary residences.