Soon Moving Out! Florida Faces Unprecedented Departure of Residents

WFCN – New data from the U.S. Census Bureau indicates that hundreds of thousands of inhabitants are leaving Florida, causing a major exodus.

According to the estimate, in 2022, more than 275,000 individuals relocated from Florida to another state.

46,884 of the people who left Florida migrated to Georgia, 42,301 to North Carolina, 36,200 to Tennessee, 31,456 to South Carolina, and 29,975 to Texas.

Experts have said that rising insurance costs are the main reason Florida citizens are leaving the state.

According to Newsweek, “residents in the state are currently paying an average of more than $4,200 annually for home insurance, which has tripled in the last five years.” $1,700 is the average for the country.

Image – NBC News

“If your home is worth one million dollars or less, your insurance premium will surpass your mortgage amount,” states Oscar Seikaly, CEO of NSI Insurance Group.

According to the Wall Street Journal, Gregg Weiss, the mayor of Palm Beach County, opted to cancel his insurance when the cost increased to roughly $20,000.

Numerous others I know have engaged in similar behavior. The mayor declared, “The market is no longer logical.

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Florida citizens are departing in large numbers, yet Californians still depart in greater numbers than Floridians.

The largest number of individuals to relocate from California to any other state in the US in 2022 was 343,000.

Ten thousand of those who left California relocated to Texas, seven thousand to Arizona, fifty thousand to Florida, and forty-eight thousand to Nevada.

Experts say that growing living expenses are the main reason for emigration, particularly among younger people.

Manuel Pastor, a professor at the University of Southern California, says, “We are losing younger folks, and I think we will see people continuing to migrate where housing costs are lower.”

According to the corporation, a well-known beer brand has suddenly unexpectedly filed for bankruptcy in an attempt to restructure the company and stay afloat.

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According to TheStreet, one of Chicago’s oldest craft brewers, Metropolitan Brewing, filed for Chapter 11 bankruptcy “largely because it cannot afford to pay the back rent it owes its lenders.”

Yes, it is true. We declared bankruptcy under Chapter 11 earlier this week.

This kind of bankruptcy, called “reorganization,” is intended to assist us in getting back on track.

The specifics are quite dull. Significantly…

Our business is operational, and there are presently no intentions to alter that state,” the proprietors disclosed.

The firm attributes its difficulties on its rent in its Chapter 11 filing.

After relocating to a more costly site in 2017, the brewer is no longer able to meet its responsibilities.

The firm stated in its bankruptcy application, according to the Chicago Tribune, that “the bankruptcy is being filed because, even though (Metropolitan) can pay market rent for the brewery space going forward, there is no way the (brewery) can ever repay the amount of back rent the landlord is seeking.”

“We still have a lot of fighting left in us. And we still have faith in the beer we produce. We can conquer this. Reminding clients that it is open all year round, the business wrote in a post, “Joining us will just be easier and way more fun.”

Nevertheless, industry insiders claim that brewers across the country are having difficulties.

“To be honest, it’s not just Portland; sales of breweries are down countrywide,” Oregon brewer Larry Clouser stated in a KGW8 interview.

Seven taprooms and breweries in Portland have either shuttered or indicated they would close within the last month.

The market has been impacted by the pandemic’s aftereffects, shifting customer drinking patterns, and growing operating expenses, according to an Oregon Public Radio investigation.