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Florida was the fastest-growing state in 2022, but inflation is also booming there.
Miami-Ft. Lauderdale-West Palm Beach had the highest inflation of any large metro area in April.
High inflation and home insurance prices are among the costs that transplants may not anticipate.
Florida is hot.
But it's also become a hotspot for inflation.
Some areas of the Sunshine State face the highest inflation rates in the US, even more than twice as high as the national average, which hit 3% in June, the lowest since early 2021.
The Miami-Ft. Lauderdale-West Palm Beach metro area had a rate of 9% for the year that ended in April, according to the Consumer Price Index. It was the highest rate of any metro area with more than 2.5 million residents. The area's inflation rate was also high for the year that ended in June, at 6.9%. Another Florida metro area, Tampa-St. Petersburg-Clearwater, had an inflation rate of 7.3% for the year that ended in May.
Florida Gov. Ron DeSantis has blasted President Joe Biden over inflation.
He has also bragged that leftist ideologies in other states have pushed people away and driven them to Florida, but the state in part has its recent transplants to thank for the rising prices.
Amanda Phalin, an economist at the University of Florida, told CBS Miami that the state's growing population and increased demand for housing have driven up prices. "A lot of people are still coming to Florida because the economy is really strong, and many like the fact that we don't have an income tax like in New York, for example," she said.
Florida was the fastest-growing state in 2022, but residents moving for perceived economic benefits may not realize the impact of higher prices. There's also another cost of moving to Florida that transplants may not anticipate: steep homeowners insurance.
The Guardian reported the state is facing a crisis thanks to skyrocketing premiums for hurricane coverage. A 68-year-old resident who has lived in Florida for 30 years told the outlet if her homeowner insurance premium rises any more she "may have to sell up and move to another state."
Read the original article on Business Insider