Are Florida’s devastating hurricanes enough to make residents move out of state?
If moves into the state offer any answer, then hurricanes have served little as deterrents.
The news rippled through Treasure Island, Florida, almost like a third storm: The mayor planned to move off the barrier island a month after Hurricane Helene flooded tens of thousands of homes along the Gulf Coast and two weeks after Hurricane Milton also ravaged the state.
Mayor Tyler Payne’s home had been flooded and damaged beyond repair, he explained in a message to Treasure Island residents, and he and his husband can’t afford to rebuild. He also was stepping down as mayor.
“While it pains my heart to make this decision in the midst of our recovery from Hurricanes Helene and Milton, this is the best decision for me and my family,” Payne, who had held the office for more than three years and was a fourth-generation Treasure Island resident, said Monday.
Up and down Florida’s storm-battered Gulf Coast, residents are making the same calculations about whether they should stay or go. Can they afford to rebuild? What will insurance cover? People considering moving to Florida are contemplating whether it’s worth the risk to come to a hurricane-prone state.
These existential questions about Florida’s appeal are raised regularly after the state experiences a busy hurricane season, such as in 2004, when four hurricanes crossed the Sunshine State.
If moves into the state offer any answer, then hurricanes have served little as deterrents. Florida’s population has grown by one-third to 23 million residents in the two decades since Charley, Frances, Jeanne and Ivan ravaged the state. Last year, Florida added more than 365,000 residents, second only to Texas among states.
On the other hand, there are signs that Florida’s white-hot real estate market has cooled. Sales of single-family homes were down 12% in September compared with the same time in the previous year. But interest rates, rising home prices and skyrocketing insurance costs likely played bigger roles than the recent hurricanes.
“Florida recovers much faster than you think,” said Brad O’Connor, chief economist for Florida Realtors.