Florida Residents Are Now Leaving At High Record Pace

November 29, 2023

Florida residents are now leaving at a high record pace according to the latest report from the US Census Bureau.

The report shows that over 275,000 people left Florida and moved to another state in 2022.

Of those leaving Florida, the most popular state to relocate to was Georgia (46,884), followed by North Carolina (42,301), Tennessee (36,200), South Carolina (31,456), and Texas (29,975).

According to experts, a significant reason why more and more residents are leaving Florida is due to the increasingly and overwhelming insurance rates.

“Home insurance premiums have tripled in the state in the past five years, with residents currently paying more than $4,200 per year on average.

The national average is $1,700,” reports Newsweek.

Chief Executive of NSI Insurance Group Oscar Seikaly says that “when you have a home that’s one million dollars or less, your insurance premium becomes higher than your mortgage.”

The Wall Street Journal reported in October that even the mayor of Palm Beach County, Gregg Weiss, decided to drop his insurance when his 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 Greg Weiss.

On Reddit, residents have displayed their concerns for Desantis and the state.

“Floridians can’t afford Florida anymore. Everything doubled and tripled except for the wages,” says one user.

“This is 100% Desantis’ fault. Instead of staying here in Florida, calling a legislative session to try and tackle this issue, he’s banning books flying migrants to Martha’s Vineyard and going around the country trying to be president.

It’s not completely all his fault; all the other GOP legislators in the state all went along with this and changed the laws around so he can do both,” said another Reddit user.

Also Read: A Massive Bank Now Closes Several Branches in Florida

Other Economy News Today

A massive bank now closes a customer account with $130K in life savings after claiming the money was ‘inactive’.

Terry Johnston, of Utah, claimed Wells Fargo said the money was inactive, but she had deliberately set it aside.

She revealed that the money came from the sale of a home in California.

Johnston had four accounts with the banking chain but had received notices that one was inactive.

Months after receiving the first warning, she was told her account had been shut and the money sent away. The funds were later returned.

Johnston was stunned when the representative said the funds were considered “unclaimed property.”

“How can you call it unclaimed property? This is our account,” she said.

Johnston searched online to see if she could find the money but was unsuccessful, reports The-Sun.

“She then called investigators at the Utah Unclaimed Property Division to see if they could help.”

David Damschen, the State Treasurer, told KSL: “The money never made it to their office.”

The case was investigated further and the money was found in an account that was being prepared to be sent to the Unclaimed Property Division.

A Wells Fargo spokesperson told KSL that the bank takes steps to send money to the state treasurer if they cannot get in touch with an account holder for 23 months.

But Johnston is not the only Wells Fargo customer who has spoken out about funds disappearing.

Ken Pischke, of Atlanta, claimed that $14,000 was wiped from his account relating to payments for a Mercedes car – even though he didn’t buy nor own one.

Wells Fargo said the transactions had been authorized and Pischke and his wife could not get the money back.

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰