Florida is now officially the most expensive state to live in the United States.
In February, Realtor.com labeled Miami as the country’s least affordable place to live. The average cost for an apartment in all 50 states is a new high of $1,792; the website adds that rent was less affordable in February 2022, CBS News reports.
In Florida, the average monthly rent in the metropolitan area is $2,930. Miami, Orlando and Tampa, specifically, have had the fastest-growing rent costs in the past year.
“These Sun Belt markets, and Florida in particular, have topped our lists for the last couple months,” said Danielle Hale, chief economist at Realtor.com, per CBS News.
Some of the increased costs include new residents interested in benefiting from the state’s low taxes and its push against regulation. “For migrating tech workers leaving San Francisco, New York, Chicago, being able to save thousands of dollars each year remains a compelling driver… to relocate,” Boyd said, CBS News reports.
Large companies like Goldman Sachs, Virtu Financial and Elliott Management moving to the state hasn’t helped lower rent costs either; it’s raised the state’s Florida. And since the pandemic, more and more people are finding other places to live and Florida is a top lister.