Florida now has massive departures as hundreds of thousands of residents leave according to new data from the U.S. Census Bureau.
The report shows that over 275,000 people left Florida and moved to another state in 2022.
Of those leaving Florida, 46,884 moved to Georgia, 42,301 moved to North Carolina, 36,200 to Tennessee, 31,456 to South Carolina, and 29,975 relocated to Texas.
Experts have weighed in stating that Florida residents are moving out of the state primarily due to the increasingly high insurance rates.
Newsweek reported, “Home insurance premiums have tripled in the state in the past five years, with residents currently paying on average more than $4,200 per year. The national average is $1,700.”
“When you have a home that’s one million dollars or less, your insurance premium becomes higher than your mortgage,” says Oscar Seikaly, chief executive of NSI Insurance Group.
The Wall Street Journal reported that even the mayor of Palm Beach County, Gregg Weiss, has decided to drop his insurance when the premium doubled to about $20,000.
“I know a lot of people who have done the same thing. The market doesn’t make sense anymore,” said the mayor.
While many residents are leaving Florida, California departures still significantly outweigh the state.
343,000 people left California and moved to another state in 2022, the highest number of any state in the country.
Of those leaving California, 102,000 moved to Texas, 74,000 to Arizona, 50,000 to Florida, and 48,000 to Nevada.
The rising costs of living, especially in younger people, are the primary cause of departures according to experts.
“We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower,” says Manuel Pastor, a professor at the University of Southern California.
Other Economy News Today
A popular beer brand has now filed for an unexpected bankruptcy in efforts to reorganize the business and stay afloat, the company said.
Metropolitan Brewing, one of Chicago’s oldest craft breweries has filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders,” reports TheStreet.
“Yeah, it’s true. Earlier this week, we filed for Chapter 11 bankruptcy protection.
This is the ‘reorganization’ type of bankruptcy, meant to help us right our ship.
The details are super boring. Importantly…
We are still open, and we have no current plans to change that status,” the company’s owners shared.
The company’s Chapter 11 filing blames its struggles on its rent.
The brewer moved to a new, more expensive, location in 2017 and is now unable to fulfill its obligations.
“The bankruptcy is being filed because while (Metropolitan) can pay market rent for the brewery space going forward . . . there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking,” the Chicago Tribune reported the company shared in its filing.
“We still have plenty of fight in us. And we still believe in the beer we brew. We’ll get through this. It will just be easier — and way more fun — if you join us,” the company shared in a post reminding customers that it’s open year-round.
However, industry leaders say breweries in general are facing challenges nationwide.
“Honestly, it’s not just Portland, brewery sales are down nationwide,” said Larry Clouser who has owned multiple breweries in Oregon in an interview with KGW8.
“Within the last month, seven breweries and taprooms in Portland have closed or announced their upcoming closure.
Rising costs of operation, changes in consumer drinking habits, and the lingering effects of the pandemic have all affected the market,” reported an Oregon Public Radio.
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