Three young individuals discuss their experiences living in Florida, stating that their money stretches further in the state.

Despite the hurricanes, gators and humidity, Americans keep moving to Florida.

According to U.S. Census Bureau estimates, the state experienced the second-largest numerical increase and the fastest growth rate among all states from 2023 to 2024.

Florida is a popular destination for retirees due to its affordability, mild climate, and abundance of fun activities for all ages. With nearly 22% of its residents aged 65 and older, Florida has one of the oldest populations in the country, compared to just 17% of the national population, according to Census Bureau data.

In 2022, Florida experienced the largest net increase of young high-earners, with nearly 1,800 millennial-headed households earning at least $200,000 a year moving into the state, according to a SmartAsset analysis of the most recent Internal Revenue Service data.

"I've been able to experience a lot of exciting activities and enjoy a different lifestyle than I had in New York," Chabely Rodriguez shared with CNBC Make It in 2023, while living in Tampa, Florida and earning over $210,000 a year. "I have more space and my money goes further, allowing me to enjoy life a little more in the South."

Young Americans living in Florida experience a unique way of life.

'I have the best of both worlds'

In 2021, Liz White, a 31-year-old woman, relocated from Philadelphia to Naples, Florida, and settled into a retirement community.

White told CNBC Make It that her rent remained approximately $2,000 a month in her 2-bedroom, 2-bathroom apartment in Naples, but she received more space. Her parents eventually purchased the apartment and granted her permission to reside there permanently. They visit her when they are in town.

"White stated in 2022 that although the rules in the community can be numerous, she enjoys the slower pace of life there. She particularly appreciates the convenience of being able to park without having to compete for street parking."

White has also discovered local friends who are nearer to her age group.

"As this area is older, many young people naturally gravitate towards each other," she stated earlier this year.

Retirement-centric areas are worth living in, and I'm experiencing that while still working a full-time job," White said. "It's like I have the best of both worlds.

'My money goes a long way'

Brooklyn Karasack, a native of Pittsburgh, relocated to Florida in 2019 to be near her boyfriend. Although she parted ways with him, she fell in love with Florida and decided to make St. Petersburg her permanent residence.

Karasack, a 27-year-old, now owns a condo in Florida and continues to work as an internal audit manager while also making her own clothes in her free time. Her $108,000 a year salary, along with the income she earns from selling her clothes and posting them on social media, is "more than enough money to live happily here in Florida," she previously stated in Make It.

"I believe my funds stretch far enough to cover both the essentials and a considerable amount of enjoyment."

Karasack enjoys thrifting items and turning them into unique outfits, as well as attending music festivals with her friends. Although she has lived in Florida for most of her adult life, she believes she gets a better deal there compared to her friends who reside in more expensive cities like Denver and Chicago.

"I believe my rent is significantly lower than what they're paying, and I feel that my money stretches further than theirs."

Karasack stated that while she owns her home, her friends in Florida, who have also purchased their homes, are mostly renting in more expensive cities.

Not all sunshine

Although Florida's warm climate attracts many residents, the state also experiences hurricane season, which can result in high home insurance costs and frequent storm-related repairs.

In September 2022, White's condo in Naples flooded during Hurricane Ian, just after her parents completed their purchase of the home. The family decided to renovate the condo instead of putting it back on the market and rented another apartment for nearly a year while they made repairs. Although it was a difficult time, White said it brought her closer to her neighbors.

"Having a sense of community and interacting with individuals who offer diverse perspectives in life has been beneficial, she stated. Additionally, it has made her more receptive to meeting new people and not getting too worked up over minor matters."

Despite her condo remaining unharmed, Karasack found it stressful to be a homeowner during Hurricane Milton in St. Petersburg, which forced her to evacuate her home earlier this year.

Whenever things go wrong, she wishes she were still renting.

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