MIAMI – San Francisco has lost more residents during the pandemic than any major city in the country — and hundreds of them have moved to Florida.
In total, as many as 89,000 households moved out of San Francisco. Although most Bay Area residents moved to nearby cities, like Sacramento, a whopping number moved to Texas and Florida.
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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 by 46.2%.
Experts believe the cause of this is due to major tech companies who transitioned to work-from-home models, as well as millennials who reached “prime family formation age” just as the COVID-19 pandemic hit, explains the report.
Consequently, Miami, Fort Lauderdale, and Tampa have seen a real estate boom in terms of single-family housing, with families in search of single-family homes outside of San Francisco, New York, and other major cities.
According to the Tampa Bay Economic Development Council, 115 people are moving to the Tampa Bay area per day, and recent data from Realtor.com expects the Tampa metro area to be among the top cities for both year-over-year price growth and sales growth.
In total, nearly 1,000 people move to Florida every single day, states ISG World’s latest Miami Report.
Furthermore, South Florida and Tampa have been on fire in terms of tech companies making moves to place their headquarters in the Sunshine State, including Spotify. According to Business Insider, Unicorn investor Keith Rabois moved to Miami and says the Bay Area is losing its concentration of tech talent.
Due to property value, lessened COVID-19 restrictions, a booming housing market, yearlong warm and steady weather, countless tech companies, start-ups, and even celebrities are making the move to South Florida.