The Journal. Why People Are Thinking Twice About Living in Florida
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Oct 21, 2024 Deborah Acosta, a Wall Street Journal reporter focused on the Florida housing market, shares insights on the state's cooling real estate boom. She discusses the impact of climate change and flooding on homeowners, prompting many to reassess living in Florida. Acosta highlights skyrocketing insurance costs and a shift in buyer demographics, where wealthier individuals are changing the market landscape. Through personal stories, she illustrates the struggles residents face as Florida's allure begins to fade amidst natural disasters and economic challenges.
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Repeated Flooding
- Dominique Tomlinson, a teacher, bought a Florida bungalow in 2020.
- It flooded three times in four years, causing her to reconsider living in Florida.
Market Plateau
- The Surfside condo collapse and rising insurance premiums are impacting Florida's real estate market.
- Increased safety regulations and storm risk make Florida less attractive.
Intensifying Storms
- Florida hurricanes are intensifying rapidly, surprising even long-term residents.
- Hurricane Ian's rapid intensification shocked a Miami meteorologist.