Home Prices and Insurance Fears Fueling Central Florida’s Population Growth: Highest in Country
Category: Best Retirement Towns and States
March 21, 2024 — Four of Florida’s interior Metros are among the five fastest growth in the country.(#3 is Myrtle Beach, SC). The data comes from the U.S. Census Bureau’s population growth figures from 2022- 2023. We speculate that much of the reason for the growth is coming the Metro’s more affordable home prices and better insurance environment. The South in general is experiencing the most rapid numerical growth in the country.
The top 5 fastest growing Metros in the country
The Villages/Wildwood – The Villages, the giant active adult community with well over 120,000 residents, extends over 3 counties south of Ocala, and grew 4.7% in the year. When it comes to real estate prices, the popularity of The Villages makes it an outlier. With a Zillow Home Value Index of $407,000, it is the most expensive Metro to make the top 5.
Lakeland/Winter Haven. Often overlooked by retirees bent on living near the beach, this aptly named town southwest of Orlando has an abundance of lakes and water for recreation. Real estate prices (Zillow Index of $318,000) are low compared to Florida Metros like Ft. Myers, Orlando, and Fort Lauderdale.
Myrtle Beach, SC. This was the only Metro outside of Florida to crack the top 5 for population growth. It includes the nearby town of Conway, as well as North Myrtle Beach just across the border in NC. The Zillow Home Value Index was $301,000. It grew at 3.7%.
Ocala. Located in north central Florida, the area features home prices much lower than in Florida’s more luxurious coastal areas. In early 2024 the Zillow Home Value Index here was $271,000.
Port St. Lucie. Near the coast but not quite on it, this Metro is a fast growing (3.1%) planned city with a diverse economy. At $392,000, the Zillow Home Value Index was the highest of any on these Metros in early 2024.
Interior Florida overtakes Coastal areas – for multiple reasons
It’s been apparent for over 100 years – many Americans who live in its colder climes would like to escape to warmer ones once they retire. Since Florida has the warmest winters of all the continental U.S. states, it stands to reason many will create their retirement nest there, either as snowbirds or permanent residents.
Traditionally, coastal areas like Miami, Sarasota, Fort Myers, and Naples have attracted the most retirees, and for obvious reasons. Great beaches, the warmest winter temperatures, and established infrastructure were top attractions. Recently, however, spectacular prices increases (the median home in Fort Myers was $90,000 in 2010 and is $400,000 in 2024) have put these areas out of range for many retirees. The other factor that is going to increasingly affect sales in coastal areas is insurance. Recent hurricanes like Wilma, Irene, and Ian have forced insurers out of the market and doubled rates, just in the past few years. Areas in Central Florida outside of coastal flooding and where hurricane winds aren’t quite as high seem be the beneficiary.
What are the best active communities in these Metros?
Our Florida Directory has reviews of dozens of great Florida towns for retirement, along with hundreds of communities. You can use our Community Explorer to drill down by Amenities, Types of Units, and Lifestyle to find the ones that fit your needs.
Comments? Where are you considering retiring in Florida? Please share your thoughts in the Comments section below.
Comments on "Home Prices and Insurance Fears Fueling Central Florida’s Population Growth: Highest in Country"
John says:
Due to insurance cost increases and HOA fees skyrocketing, I am looking in South Carolina for my retirement destination. Northern Arizona is also on my radar for a retirement destination.
Larry says:
Insurance does not appear to be much of a driver for inland migration. Downtown Port St. Lucie is a couple of miles from the ocean (proximity is inherent in the word “port”). And, as the article states, and pricing data more than implies, insurance has not been a deterrent to people gobbling up properties in Ft. Myers, no matter the recent ugly history with hurricanes. Home sale prices there have more than tripled since just 2010. Living near water is still a magnet for many people, no matter what threat that water poses.
Admin says:
You are right about the seemingly insatiable demand for properties near the water. Homes being gobbled up there in all cash deals at higher and higher prices, and in the face of huge insurance premiums. The most important driver of of the growth in the top 5 markets is their relative affordability in Florida. Insurance costs might eventually price some people out of the coastal markets.