How Harsh Weather Affects Financial Benefits of Moving to Florida

Florida’s tax benefits could be offset by rising insurance rates.

Florida Hurricane
(Image credit: Getty)

For the first time since 1957, Florida has become the nation’s fastest-growing state after decades of rapid population growth, reports the U.S. Census Bureau’s 2022 population estimates. Between 2021 and 2022, Florida’s population increased by 1.9%, reaching 22,244,823.

People are moving to Florida for a variety of reasons, not just the beaches and mild winters. In fact, many are drawn to Florida because of the state’s tax benefits, which include no income taxes, no Social Security taxes and a lack of estate or inheritance taxes. However, the financial benefits of moving to Florida could be overshadowed by harsh weather conditions the state faces. 

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Erin Bendig
Personal Finance Writer

Erin pairs personal experience with research and is passionate about sharing personal finance advice with others. Previously, she was a freelancer focusing on the credit card side of finance, but has branched out since then to cover other aspects of personal finance. Erin is well-versed in traditional media with reporting, interviewing and research, as well as using graphic design and video and audio storytelling to share with her readers.