Florida now has massive departures as residents leave the state according to the latest data from the U.S. Census Bureau.
Nearly 23,000 people per month departed from Florida in 2022, which is a whopping 275,666.
According to the Census, the most relocated places were Georgia (46,884), North Carolina (42,301), Tennessee (36,200), South Carolina (31,456) and Texas (29,975).
One of the biggest reasons for the Florida exodus, at least according to former residents, is primarily due to the state’s increasingly high insurance.
Joan Keenan is a retired Illinois teacher who moved to Florida two years ago with her husband, who retired from fire service, to live their “retirement dream.”
But “the insurance in Florida is a nightmare,” she told Newsweek.
“Due to the insurance rates going up, we have a different financial dream these days,” Keenan said.
“We live in a small one-bedroom condominium (890 sq. feet) on the intercoastal waterways of Treasure Island,” she added.
“Since we moved here our Association fees have gone from $446.00 dollars a month to $656.00.”
Linda—who preferred to kept her last name anonymous—was born and raised in Brooklyn, moved from New Jersey to Florida in 1983 and thought she had “died and gone to heaven.”
But in August this year, Linda sold her house in Palm Beach County and moved to Pennsylvania, after getting tired of her homeowner’s insurance “not being renewed and being moved to Citizens, not to mention the price increases every year.”
This, in addition to “the worry about the ever-increasing threat of more devastating hurricanes every year, got to be too much.”
“Politics, in Florida, also added to my desire to get out,” Linda said.
Other Economy News Today
Massive banks in New Jersey unexpectedly close down for 2024, including Wells Fargo, PNC Bank, and Citizens Bank branches.
“Several major New Jersey bank branches are scheduled to permanently shutter in 2024, as listed with the Office of the Comptroller of the Currency (OCC),” reports Joel Eisenberg.
“No specific dates of closure have yet been announced for any of the banks listed below and it should be noted more New Jersey branch closures are expected to be announced, following trends, in upcoming OCC bulletins.
The popularity of digital banking, inclusive of electronic payments and direct deposits, continues to be widely acknowledged by industry analysts as the primary factor in this regard.”
This trend of bank branches closing across America has been very common this year.
According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 8,000 banks were in operation in 2000, but by 2022, this figure was halved.
For example, Wells Fargo revealed last Friday that several branches would be closing in Arizona, Georgia, Iowa, Florida, Texas, and Alabama.
California also continues to be heavily affected, with both large and regional bank branches permanently shuttering this year.
Below are the banks permanently closing in New Jersey in 2024 according to the Office of the Comptroller of the Currency:
Wells Fargo 50 East State Street, Trenton.
Citizens Bank 698 U.S. Hwy 202N, Three Bridges; 725 Bloomfield Ave, Verona; 2150 RT 130 N, Burlington.
PNC Bank 930 Washington Street, Cape May.
Aside from branch closures, banks have also stated that job cuts have played an important role to weather strong recession conditions going into 2024.
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