Floridians Surge as Top NYC Home Buyers in 2023.. Uncover the Surprising Trends Driving This Real Estate Shift!
Floridians rank among the top buyers of NYC homes, according to a recent study. The report, released on August 22, 2024, shows a significant increase in Floridians purchasing properties in New York City. In the first half of 2024, they bought 219 homes worth $315 million, marking a notable rise from previous years.
Key takeaways:
- Floridians purchased 219 NYC homes in 2024.
- Total spending reached $315 million this year.
- Luxury market sees a surge in Floridian buyers.
- New Jersey buyers are decreasing in NYC’s housing market.
Why Are Floridians Buying Homes in New York City?
Floridians are increasingly drawn to New York City’s real estate market. The latest study from PropertyShark reveals that they are not just buying any properties; they are focusing on luxury homes. In 2024, they spent $141 million on properties priced at $3 million and above. This trend suggests a shift in preferences, as many seek alternatives to Florida’s costly insurance and unpredictable weather.
Comparative Analysis of Out-of-State Buyers in NYC
Floridians are not the only out-of-state buyers in New York City. The study shows a competitive landscape among buyers from various states. Here’s a breakdown:
- New Jersey leads with 345 deals in 2024.
- Californians increased their market share to 13.4%.
- New Jersey’s share of out-of-state buyers has decreased significantly.
Impact of High Insurance Rates on Florida Residents
Florida’s high insurance rates, which are nearly three times the national average, are pushing residents to seek homes in New York. This financial strain, coupled with the threat of severe weather, has made New York’s stable housing market more appealing. As a result, many Floridians are considering New York as a viable option for their primary or secondary residences.
Local New Yorkers Are Still Active in the Housing Market
Despite the influx of out-of-state buyers, local New Yorkers are also making significant moves in the housing market. Notably, The Bronx has seen a 20% increase in home purchases, indicating that local demand remains robust. This trend shows that while out-of-state buyers are making headlines, New Yorkers are still actively participating in the market.
