A Gen Xer who moved from Florida to New Mexico saves $1,000 a month and feels safer from climate disasters

• Chris Gates left Miami Beach for Santa Fe due to climate concerns and cost savings.
• Florida's flood risks and rising insurance costs made Gates worry about retiring there.
• Gates saves $1,000 monthly in New Mexico in HOA fees and home insurance.

After living in Miami Beach for two decades, Chris Gates was fed up.

The 61-year-old pharmacist had met with city officials and sent letters advocating for Miami to invest more in climate solutions, only to watch Florida Gov. Ron DeSantis roll back state climate actions and scrub any mention of climate from many laws.

"I saw the writing on the wall," Gates told Business Insider. "I'm five years away from planned retirement, and I was worried about the cost of living and my quality of life. I've been through flooding in South Beach and still see people posting pictures of the same problems."

Gates said he considers himself a "climate mover" in deciding to relocate to Santa Fe, New Mexico in 2023. Florida's vulnerability to the climate crisis, combined with rising costs of living and being closer to his mom and brother, were the main reasons he left Miami Beach. Now Gates is saving about $1,000 a month on home insurance and HOA fees, according to documents shared with BI. He also feels safer knowing that New Mexico has a statewide climate plan.

Gates joins many older Americans who've moved in search of a lower cost of living for retirement, but is rare in that he left Florida — which still has a fast-growing population. While there's little data indicating climate risks like hurricanes and wildfires are directly causing massive migration, Gates's story suggests it may become more of a factor.

Saving $1,000 a month

Gates sold his condo at a luxury building in South Beach for $710,000 in December 2022, according to documents reviewed by BI, earning him about $415,000 in net profit. That year, his HOA fees were nearly $1,200 a month and covered amenities like a pool and gym. Condo insurance was about $190 a month.

He rented an apartment for a couple of years in Santa Fe before buying a $227,000 fixer-upper in February. The HOA fees are about $250 a month and insurance is $72. There aren't many perks, like a gym, pool, or management office, Gates said, but he has more peace of mind.

"If I were to stay in Florida until I'm 90, chances are a lot of bad stuff will happen," Gates said. "That's just my opinion and climate scientists agree. I'm not a millionaire, so I'm not gonna put all my eggs in one basket down there."

Rising risks and costs

While Miami is carrying out its own climate action strategy, Gates wanted faster progress on installing solar panels on government buildings and new infrastructure to protect properties from flooding as hurricanes become more destructive. The extreme weather, among other factors, is also making home insurance more expensive in Florida.

Miami's average elevation is six feet, and scientists predict sea levels will rise by the same amount by the end of the century. Sea levels in Miami already rose about six inches between 1986 and 2016. Meanwhile, the frequency of flooding from high tides has increased by over 400% in Miami Beach since 2006.

The city has been investing in a climate resiliency strategy, including raising roads and installing water pumps. In February, local commissioners also unveiled plans for more than $1 billion in anti-flooding water and sewer projects, which will be paid in part by hiking residents' utility rates every year through 2030, the Miami Herald reported. Residents said it would make the city less affordable at a time when rent, HOA fees, and insurance are all rising.

That cycle worried Gates, as well.

"Taxes and other bills will have to go up a lot to cover for these infrastructure projects," he said. "I don't want to be caught up in this cycle."

Gates acknowledged that New Mexico comes with its own risks, including wildfires and extreme heat. But he feels better knowing that there's a statewide plan to slash greenhouse gas emissions and adapt to extreme weather led by Gov. Michelle Lujan Grisham.

"Moving to New Mexico made me feel like I'm part of the solution rather than part of the problem," Gates said. "I know that every time I pay my electric bill, my utility is switching to renewables faster than many places in the country."

Have you moved for financial, lifestyle, or climate reasons? Contact this reporter at cboudreau@businessinsider.com.