Florida’s Luxury Boom: Why the Wealthy Are Choosing the Sunshine State

by Adam Miller

Florida’s Luxury Boom: Why the Wealthy Are Choosing the Sunshine State

For years, Florida was known as the go-to destination for retirees escaping brutal winters. But times have changed. Florida has now positioned itself as one of the most desirable places for high-net-worth individuals, entrepreneurs, and affluent professionals—not just to retire, but to live, work, and play.

Lakewood Ranch, one of the country’s top-selling master-planned communities, has become a hotspot for this wealth migration. At The 941 Lifestyle Group, we don’t just sell homes—we match people with communities that fit their ideal lifestyle, helping luxury buyers and sellers navigate this evolving market with confidence.

Florida’s Wealth Migration Is Only Getting Bigger

Florida has become the top destination for affluent households, gaining over 1,700 new residents earning more than $200,000 annually in 2022 alone. The 2024 Henley & Partners USA Wealth Report confirms what we see daily—Florida is attracting more high-net-worth individuals than almost any other state. Interestingly, even Texas—another wealth migration hotspot—ranks among the top five states sending residents to Florida.

Why? Because Florida offers an unbeatable combination of financial advantages, luxury living, and an unmatched lifestyle.

Florida’s Tax Advantages Are a Game Changer

It’s no secret that Florida’s tax policies are a huge draw for affluent buyers. With zero state income tax, no estate tax, and no state-level capital gains tax, Florida allows high-net-worth individuals to maximize their wealth. The homestead exemption further strengthens its appeal, making it one of the most strategic places in the U.S. to own real estate.

As a result, Florida isn’t just growing in population—it’s getting wealthier. While rising costs have led some to relocate elsewhere, they’re being replaced by individuals with the means to invest in the state’s luxury market. With median home prices up over 75% in the past five years, it’s clear that demand for high-end properties isn’t slowing down.

Lakewood Ranch: A Magnet for Luxury Buyers

Lakewood Ranch isn’t just growing—it’s thriving. With gated communities like The Lake Club, Country Club East, and Esplanade at Azario, the area offers resort-style living, security, and a true sense of community that today’s affluent buyers crave.

Here, luxury homes go beyond high-end finishes and spacious floor plans—they deliver an experience. Think private golf courses, exclusive clubhouses, resort-style pools, spa services, and top-tier dining options. It’s the kind of lifestyle that makes it easy to see why buyers from across the country are choosing Lakewood Ranch.

At The 941 Lifestyle Group, we specialize in helping high-net-worth buyers find the right fit—whether it’s a maintenance-free luxury villa or a private estate with golf course views.

Global Wealth is Flowing Into Florida

This isn’t just a U.S. trend—it’s a global one. In 2024 alone, 134,000 high-net-worth individuals relocated worldwide, and Florida continues to benefit from this shift. With an estimated $84 trillion in wealth set to transfer from Baby Boomers to younger generations by 2045, the luxury market is evolving fast.

Affluent buyers today are looking for more than just a house—they want walkable communities, high-end amenities, and a vibrant social scene. Lakewood Ranch checks all those boxes, making it an obvious choice for those relocating to Florida.

Why Work With The 941 Lifestyle Group?

As Florida’s luxury market continues to expand, the right real estate team makes all the difference. At The 941 Lifestyle Group, we don’t just sell homes—we match our clients with communities that align with their lifestyle, long-term goals, and financial plans.

Whether you’re buying or selling, now is the time to take advantage of Florida’s luxury boom. Let’s talk about your next move—reach out to The 941 Lifestyle Group today.

Full article source: Read the original article on Herald-Tribune

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