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  1. Home
  2. Mortgage Knowledge Center
  3. Top 10 Things to Know About Moving to Florida

MORTGAGE

Top 10 Things to Know About Moving to Florida

What You'll Learn: Different Little-Known Facts About Florida Prior to Moving to the State

EXPECTED READ TIME: 9 MINUTES

January 7, 2022

Are you considering relocating to the Sunshine State? There are some critical facts to know before moving to Florida. In this article, you’ll learn about beaches, weather, humidity, alligators, the cost of living, the economy, how many people are relocating to FL each day, and more.

#1 No State Income Tax

Why are people moving to Florida? It’s one of only eight states that have no state income tax. That makes a huge difference in your overall spendable income.

Compare 0% state income tax to California’s that goes up to 12.3%, New York’s goes up to 10.9%, and New Jersey’s up to 8.97%. Even if you’re not in the highest tax bracket, it’s a relief to have one less tax to pay.

Retirees love the zero-income tax and appreciate being able to keep more of their hard-earned money and have some wiggle-room in their budget. Empty nesters in New York and New Jersey are fleeing those heavily taxed states and coming to Florida.

In terms of other state taxes, the average property tax in FL is 0.89%. That ranks FL number 23 out of 50 states for property tax rates. And sales tax averages 6%.

#2 Beautiful Weather but Humid

Florida is known for sunshine and amazing beaches. Visitors come from all over the world, especially in the winter. Average winter daytime temperatures hang around 70 degrees, and at nighttime, averages are in the 60s.

Compare that to freezing weather, especially on the east coast. Would you rather shovel snow or lay on the beach? Your choice.

Summer is another thing, though, and can take some getting used to. It’s hot from mid-May through almost the end of October. Temperatures average in the high 90s.

Plus, there’s the humidity. Florida is the most humid state in the US. It’s surrounded by water, with the Gulf of Mexico on one side and the Atlantic Ocean on the other. Many people get used to the humidity and know to spend the hottest time of the day inside.

The other exciting thing to know is that Florida’s rainy season is in the summer, unlike other parts of the country. Be ready for torrential downpours, lightning, thunder, and the occasional hurricane.

#3 Florida is the Most Populated Southeastern State

How many people are moving to Florida every day? Currently, about 900 people are moving to FL a day. There are almost 22 million people in the Sunshine State, and it’s growing.

Not only are people moving to Florida, so are businesses. That’s because Florida is business-friendly. And compared to other states, Florida generally remained open during the pandemic, so the state’s economy was not hit as hard. And for remote workers ­— during the pandemic, with less lockdowns and fewer mandates, this state was hard to beat.

#4 East Coast & West Coast Tips

New Yorkers moving to Florida — you’ll need to unload your heavy coats and boots and trade them in for shorts and flip flops. And if you didn’t drive in NY, you’ll want to drive here. Once you arrive, you’ll have 30 days to get a FL driver’s license.

Californians relocating will need to plan for an expensive move. Over the last five years, the price of moving has increased, and gas is on the rise.

If you’re driving, I-10 is the most efficient route with the best roads. However, there are more scenic routes like Highway 80. It just depends on how fast you need to make it to your destination.

#5 Florida’s Economy

Florida has the fourth biggest economy in the country. In 2020, the gross domestic product (GDP) was approximately 935.67 billion. The primary industries are tourism, agriculture, international trade, aerospace, aviation, life sciences, and financial services.  

In 2019, Florida’s job growth was up 2.5%. There are tremendous opportunities in construction, health care, and business services. Construction workers are in short supply, so if you’re a contractor or tradesman, this state is a great place to get a job or start a business.

Want to be your own boss? Consider these business start-ups:

  • Organic food or restaurants
  • Personal concierge services
  • Elder care
  • Tech services for seniors
  • Cybersecurity services
  • Pool Services
  • Tree trimming
  • Landscaping services
  • HVAC Services

Contractors will need to be licensed – the state is stringent on licensing. Plan and start the licensing process before you move, as it can take 3 to 6 months.

#6 Beaches, Golf Courses, & Theme Parks

No matter what part of Florida you’re in, the beach is less than 60 miles away. Here’s a wet fact — 18% of the state is covered in water. So, there are no shortages of places you can swim, sunbathe, boat, fish, and scuba dive. Plus, unlike the Pacific Ocean, the water is warm!

Golfers love Florida because there are 1,300 golf courses. These include private clubs, public courses, and golf courses in retirement and gated communities.

If you enjoy roller coasters and excitement, the state is theme park heaven. Some of the top theme parks to visit are:

  • Busch Gardens
  • Legoland
  • SeaWorld
  • Walt Disney World
  • Universal Studios

#7 Cost of Living

Compared to other states with a similar beach lifestyle (California, Hawaii, Massachusetts), Florida is very affordable. Let’s compare median home values in 2021 according to Zillow.

State

Median Home Price

Hawaii

$730,511

California

$683,996

Massachusetts

$518,203

Florida

$297,390

     

Just like Texas, the price of homes is increasing, but that doesn’t mean they’ll remain high. Every state, county, city, and town go through buying and selling cycles.

Sometimes it’s a seller’s market, and prices are high. Other times, it’s a buyer’s market, and there are lots of deals. It’s smart to get preapproved before you start looking for a home. That way, when you find one, you’re ready to go.

#8 Snowbirds – What are They & Where do They Come From?

Many people have never heard the term “snowbird” before they move to Florida. A snowbird is someone who lives in a cold winter climate and comes to Florida’s warmer weather. They usually start arriving at the beginning of October and stay until it starts heating up in April or May.

As a Floridian, you’ll notice more out-of-state license plates from Canada, New York, and Michigan, just to name a few. Plus, the roads will get more crowded as will the restaurants. Although it’s hard to tell the divide between snowbirds and tourists statistically, retirement communities see a considerable increase in traffic and wait time to play a game of golf.

#9 Moving to Florida Checklist

Here’s a handy relocating to Florida checklist to make your transition as easy as possible.

  • Plan your route carefully if you’re driving, especially if you’re towing a trailer. Consider visiting your local AAA office for information.
  • If you’re driving during the summer, make sure you have new windshield wipers for sudden downpours.
  • Pack accordingly with plenty of cool clothes, water, and electrolytes.
  • If you’re planning to start a construction business, apply for your contractor’s license three to six-months before moving. Florida is tough on unlicensed contractors.
  • Reserve a rental home if you haven’t purchased a new home already. Rentals are hard to come by in some areas, so you’ll want to have one reserved.
  • Bring summer clothes, so you’re comfortable once you arrive. You’ll be living in shorts and flip-flops.
  • Consider tinting your car windows to help beat the heat. Make sure to check the laws first, though.

#10 Moving To Florida Pros & Cons

There are so many great things about living in Florida. Here are some of the top advantages:

  • Friendly people — Florida is considered the South, and although you might not hear as many southern accents, you will meet friendly and hospitable people.
  • Cheaper gas — If you’re moving from the west coast, you’ll love Florida’s cheap gas. Florida ranks #15 in gas prices out of the 50 states.
  • Cheaper groceries — Florida’s groceries are slightly lower than the national average. But compared to California, Hawaii, New York, and New Jersey, food costs are significantly lower.
  • Publix supermarkets are everywhere — Florida has 831 Publix stores which is the leading grocery chain in the state. In some towns like Clearwater, FL, there’s one about every few miles.
  • Aldi’s grocery stores are in Florida — Although they don’t have the same parent company as Trader Joe's, both Aldi’s and Trader Joe's came from the same family. Aldi’s offers some of the best deals for groceries.
  • Travel to Europe & South America is closer — International travel is much easier from the east coast, and Florida has 24 international airports, including those in Tampa, Orlando, and Miami.
  • Lots of 55+ communities — Because so many people want to retire in FL, there are more 55+ communities in Florida than in any other state.
  • Cultural melting pot — Florida is a mix of cultures, especially in the Miami area with Little Havana, Little Haiti, and Coconut Grove Village West with a Bahamian influence. In the winter, beach towns are full of visitors from the colder states of NY, and MI. And Florida is a favorite retirement destination for our neighbors in Canada.

Yes, there are cons about living in Florida. It’s important to know what these disadvantages are before planning on relocating.

  • Humidity — Some people do well with the humid climate, and some don’t. Often it only takes a season or so to acclimate, but unfortunately, some people never get used to it. If you’re one of those, plan to be somewhere besides Florida in the summer months.
  • Allergies — Similar to Texas, Florida has high levels of pollen. The primary allergy season is December through May, which can be a long time for allergy sufferers. In addition to pollen, there’s also mold because of the high humidity.
  • Long traffic lights — Why are Florida traffic lights so long? Although there’s no definitive answer, you'll notice the difference if you’re moving from California or the west coast. The only advice we can give is to get used to it and practice patience.
  • Bugs — The most common insects in Florida are ants, termites, spiders, roaches, and mosquitoes. You’ll also become acquainted with “biting midges,” often called “no-see-um’s” because they’re so small. If you’re going outside, bring bug repellent. Inside have bug zappers and anti-itch cream.
  • Lizards — Florida is the land of lizards and geckos, both big and small. The state is home to 15 native species. Get used to seeing the reptiles everywhere.
  • Alligators  — There’s an astonishing 1.25 million gators in FL. They live in freshwater lakes, rivers, canals, and ponds.
  • Hurricanes — California has earthquakes, and Florida has hurricanes. Typically, there are six hurricanes each year, with three major ones annually. If you move to Florida, you’ll need to know how to prepare.
  • Tourists — Although tourism is a significant industry in Florida, some full-time residents aren’t as fond of these visitors. That’s mainly because of the increased traffic and packed restaurants. 

Now that you know the top 10 things about moving to Florida, are you ready to take the plunge?

For more information about PenFed Mortgages:
 

PenFed Mortgage: 

800-970-7766

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CONVENTIONAL LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Home Buying Steps

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PenFed HELOC

Rates as Low as % APR* with flexible use of funds

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Disclosures

1Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

*Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

  • Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes and 4.75% for investment properties.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

  • Additional limitations may apply

Home Equity Line of Credit:

  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.

Minimum Loan Amount Requirements in all States:

  • For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

Other terms and conditions apply; call 844-918-4307 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of October 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure.


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