Population Boom , Makes Florida the New , US Inflation Hotspot.
CNN reports that Florida is now the United States' inflation hotspot, due to the persistently high cost of housing.
With just over 2.5 million residents, the Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of all U.S. metro areas.
For the 12 months leading up to April, the area had an inflation rate of 9%.
CNN reports that the state's growing population has driven inflation higher, particularly in regards to housing costs.
Both the rental and purchasing markets are seeing upward pressures on prices from all these factors, Amanda Phalin, Economist at the University of Florida, via CNN.
According to the Census Bureau's latest data, Florida's population grew more than any other state between July 2021 and July 2022.
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During the same period of time, the state also saw the fastest population growth by percentage, for the first time since 1957.
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, Amanda Phalin, Economist at the University of Florida, via CNN.
And in places like Miami, we’re seeing a lot of real estate demand from non-Floridians or non-American investors — generally wealthy folks who want to have a nice home here, Amanda Phalin, Economist at the University of Florida, via CNN.
Meanwhile, Minneapolis saw its inflation rate drop to 1.8% in May, compared to a year earlier, coming in the lowest of 23 metro areas tracked by the Labor Department
