WEST PALM BEACH, Fla. — The rising cost of living in Florida has many residents considering a move out of the Sunshine State, according to a new report.
A report titled "Florida on the brink" was compiled by the data tech firm Cotality, and it describes a state under stress.
WATCH BELOW: Report outlines why Florida residents leaving for other states
"The promise of sunshine and opportunity has been replaced by something a little less sunny — rising home prices, diminishing affordability, and growing pressure on infrastructure," the report said.
There is a pipeline of Florida residents fleeing to more affordable southern states like Georgia, South Carolina, North Carolina, Tennessee and Texas.
"What we saw in Florida, after a period of very strong immigration to Florida, there is now a little bit less inbound, a bit more outbound migration," Selma Happ, the chief economist at Cotality, said. "A lot of people who are migrating from Florida are going to neighboring states."
The report cited billion-dollar hurricanes and costs soaring so high, especially in South Florida, that the state is heading down a path similar to California's population drain.
Real Estate News
Will people leave Florida after devastating hurricanes?
Insurance remains a big drag on finances even as the state tries to slow down a coverage crisis.
"You have rising insurance, you have rising property taxes, so they can no longer sustain that home, and then they decide to leave for the areas more affordable and maybe where insurance costs are a little bit less," Happ said.
But even with the exodus, Florida is still attracting new residents.
The report raised the question of whether there is a way to turn around the pressures the state and its residents are facing.
"Florida — a state once synonymous with getting away — is starting to see signs of people looking to escape," the report said.
