San Francisco residents and tech corporations are shifting to Florida at an unprecedented price
MIAMI – San Francisco lost more residents than any other major city in the country during the pandemic – and hundreds of them have moved to Florida.
A total of 89,000 households moved out of San Francisco. Although most of the Bay Area residents moved to nearby cities like Sacramento, quite a few moved to Texas and Florida.
According to Business Insider’s analysis of a new report by commercial real estate services and investment firm CBRE Group, moves from San Francisco to Florida increased 46.2%.
Experts believe that the cause of this can be traced back to large tech companies that have switched to work-from-home models, as well as millennials who, like the COVID-19 pandemic hit, have reached the “Prime Family Formation Age”, explains the report.
As a result, Miami, Fort Lauderdale, and Tampa saw a real estate boom in terms of single-family homes, with families looking for single-family homes outside of San Francisco, New York, and other major cities.
115 people move to the Tampa Bay area every day, according to the Tampa Bay Economic Development Council. Recent data from Realtor.com suggests that the Tampa metropolitan area is among the top cities in terms of both price growth and year-over-year sales growth.
In total, nearly 1,000 people move to Florida every day, according to ISG World’s latest Miami report.
Additionally, South Florida and Tampa were on fire over tech companies taking steps to have their headquarters located in the Sunshine State, including Spotify. According to Business Insider, unicorn investor Keith Rabois has moved to Miami saying the Bay Area is losing its concentration of technical talent.
Due to the property value, decreased COVID-19 restrictions, a booming property market, years of warm and stable weather, countless tech companies, startups and even celebrities are moving to South Florida.
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