--- title: Why You Should Buy a Condo in NYC and NOT Florida description: Debating whether to buy a home in Florida vs. New York? Here are all the reasons why moving from NYC to Florida isn't the best move for the future. image: https://www.undividedre.com/hubfs/Imported_Blog_Media/670e8a641b9df286f68eb9de_FLvsNY-3.jpg --- [Skip to main content](https://www.undividedre.com/blog/why-you-should-buy-a-condo-in-nyc-and-not-florida#main-content) [![Logo](https://44624939.fs1.hubspotusercontent-na1.net/hubfs/44624939/raw_assets/public/undivided-theme-by-tam/images/modules/undivided.png)](https://www.undividedre.com/) - [Home](https://www.undividedre.com/) - [About Us](https://www.undividedre.com/about-us) - Advisory Buying Selling - [Neighborhoods](https://www.undividedre.com/neighborhood) - [Value Index](https://www.undividedre.com/value-index) Contacts 175 Greenwich St, 38th Flr New York, NY 10007 [hello@undividedre.com](mailto:hello@undividedre.com) [+1.646.631.2220](tel:+16466312220) ![Youtube](//44624939.fs1.hubspotusercontent-na1.net/hubfs/44624939/raw_assets/public/undivided-theme-by-tam/images/modules/hero/youtube.png) ![Instagram](//44624939.fs1.hubspotusercontent-na1.net/hubfs/44624939/raw_assets/public/undivided-theme-by-tam/images/modules/hero/instagram.png) ![Linkedin](//44624939.fs1.hubspotusercontent-na1.net/hubfs/44624939/raw_assets/public/undivided-theme-by-tam/images/modules/hero/linkedin.png) [Book a strategy call](https://www.undividedre.com/schedule-an-appointment) [Book a strategy call](https://www.undividedre.com/schedule-an-appointment) [All posts](https://www.undividedre.com/blog/all) October 14, 2024 # Why You Should Buy a Condo in NYC and NOT Florida   Admin  ·  4 minute read The Florida vs. New York debate is common among those thinking about [buying a condo](https://www.undividedre.com/blog/dont-buy-a-condo-with-these-6-issues). Many New Yorkers headed south during the pandemic in search of sunshine and lower taxes. However, rising assessment fees and high insurance premiums have caused many to regret the decision. While the sandy beaches and cheaper home prices may seem appealing at first, it's also important to look at the bigger picture and consider which market offers better value in the long term. To help make that decision easier, here is why moving to Florida from NYC isn't the best investment in the future.   > Is it time to move back to New York City? > Finding your dream home has never been easier. > Contact us today at [hello@undividedre.com](mailto:hello@undividedre.com) to get started.‍ ![Florida condo building with a pool and palm trees ](https://www.undividedre.com/hs-fs/hubfs/NYCCondo-NotFL_Beach.jpg?width=1200&height=900&name=NYCCondo-NotFL_Beach.jpg) #### Why Moving from New York to Florida Seems Appealing The benefits of moving to Florida are fairly obvious. It isn't hard to understand why so many New Yorkers are drawn to its appeal. Florida offers sunshine, sandy beaches, and a laidback lifestyle. The lack of state income taxes in Florida can also be a major draw for high earners. Plus, you can often get a lot more space for your money in Florida vs. NY, a fact that motivated many New Yorkers to relocate during the pandemic. But, while it does offer many short-term benefits, there are also many cons of moving to Florida that make it a less stable investment. ‍ #### What You Should Consider Before Moving to Florida From NYC ##### Global Warming The warm weather and access to the ocean are a big part of what makes moving from NYC to Florida seem so attractive. However, this may actually be one of the biggest cons of Florida real estate as the impacts of global warming are becoming increasingly serious. Hurricanes, severe storms, and flooding are becoming yearly occurrences. As a result, many insurers are hiking up their rates or leaving the Sunshine State altogether. Florida is currently facing an insurance crisis. In recent years, more than[30 private insurance companies](https://www.oyerinsurance.com/how-many-home-insurance-companies-have-left-florida/) either stopped issuing new policies, faced liquidation issues or voluntarily left the state, leading to skyrocketing homeowner insurance premiums. According to the[Insurance Information Institute](https://www.nbcmiami.com/responds/new-insurance-companies-enter-florida-market-amid-ongoing-crisis-and-regulatory-changes/3098573/), the average homeowners insurance premium in Florida has increased by an average of 42% year over year. The rise in insurance costs is caused by several factors, including severe weather, inflation, and extensive litigation. With extreme weather events becoming increasingly common, insurance companies are being forced to rebuild and repair homes more frequently. However, rising construction costs and general inflation have made it increasingly expensive to do so, and for many insurance companies, the risks outweigh the benefits. ‍ ##### Litigation Litigation is another one of the major cons of living in Florida. Data from the[Insurance Information Institute](https://www.iii.org/sites/default/files/docs/pdf/triple-i_trends_and_insights_florida_issues_brief_08082022.pdf) also reveals that while only 9% of homeowners insurance claims in America are filed in Florida, 79% of homeowners insurance lawsuits originate in the Sunshine State. As a result, insurance companies are raising rates or fleeing the state altogether to protect themselves. That's why Florida has extreme rates even compared to states like Louisiana, Texas, and Mississippi, which are equally vulnerable to climate change. The result is higher premiums for homeowners, which is something you need to consider when examining the cost of [living in New York](https://www.undividedre.com/blog/why-youll-love-living-in-new-york-city) vs. Florida.   ![Home insurance across the most expensive states. ](https://www.undividedre.com/hs-fs/hubfs/NYCCondo-NotFL_chart.png?width=1200&height=1150&name=NYCCondo-NotFL_chart.png) Source: [National Association of Realtors](https://www.nar.realtor/magazine/real-estate-news/states-where-home-insurance-costs-are-surging-highest)/Insurify ##### High Assessments High assessment fees are another major disadvantage of buying real estate in Florida. A condo assessment is an extra monthly charge issued by the homeowners association that must be paid by the homeowner in addition to the monthly maintenance fee. It's used to fortify the building's reserve account to pay for major renovations and unexpected building repairs. In places like New York, where major, unexpected renovations are rare, assessments tend to be reasonable and a standard part of condo ownership. However, due to the impacts of global warming, Florida assessment fees are becoming a major financial burden for condo owners. It all started with the collapse of the [Surfside Condo building](https://www.cnn.com/2024/03/08/us/surfside-condo-collapse-investigation-takeaways/index.html). On June 24th, 2021, Chamberlain Towers South, a 12-story beachfront condo building in the Miami suburb of Surfside, collapsed in the middle of the night, killing 98 people. It was one of the largest structural engineering failures in US history and led to immediate legislation to prevent future tragedies. The new laws lead to mandatory engineering assessments and stricter standards for condo association reserve funds. In a nutshell, Florida condo associations are now required to spend a lot more money on preventing engineering failures and must have more liquid cash available to respond to emergencies. Homeowners are now expected to pay these added costs through exorbitant assessment fees. Residents at the Surfside South Club in Ormond Beach, a city north of Daytona Beach, recently complained that they were being[billed $100,000 per owner](https://finance.yahoo.com/news/florida-condo-owners-face-unretiring-112000881.html) in special assessment fees. As many were already retired, some residents were forced to make the choice between selling or going back to work. So any New Yorkers moving to Florida should be prepared for the possibility of an unexpected 6-figure assessment fee.   ![A view of the NYC skyline](https://www.undividedre.com/hs-fs/hubfs/NYCCondo-NotFL.jpg?width=1200&height=800&name=NYCCondo-NotFL.jpg)‍ #### Why Moving From Florida to New York is the Better Option So is it worth moving to Florida? While moving to Florida from NY sounds like paradise, the reality is not what most people expect. For starters, NYC has already taken steps to combat the impacts of climate change. In general, the weather in the northeast is less extreme, and hurricanes and major storms are far less common. Plus, the city has made major investments in infrastructure and government policies to respond and prepare for a resilient future. That means insurance premiums tend to be much lower in NYC vs. Florida. New York also has much stricter rules regarding building maintenance and upkeep. As a result, issues are often caught early on, which means special assessments tend to be far less extreme. So while living in Florida vs. New York may seem more cost-effective due to the lower property values, you also need to consider these added carrying costs, which can quickly get out of hand. Overall, New York City real estate has a much more stable [outlook for the future](https://www.undividedre.com/blog/the-5-best-neighborhoods-in-nyc-to-buy-a-home-in-2024). Although housing can be expensive, consider it a long-term investment in the future. New York is better equipped to weather the storm both physically and financially. So, if you're thinking about moving from NY to Florida, don't just consider the sunshine and tax savings; think about where you'd rather be in the long run and what offers more value for your money. ‍ Buying a home in New York City? Reach out to our sales team today to discuss your needs. As an authority on new builds, we can show you the best new construction listings on the market. We’ll show you every unit in the building, access floor plans, help you compare prices, and more. Finding your dream home has never been easier. Contact us today to get started. ## Ready to Get Started? [Schedule Your Free Consultation](https://www.undividedre.com/schedule-an-appointment) ### Here's what you'll get: ✓ Curated Listings We handpick properties that fit you, saving you time by showing homes that match what you want. ✓ Luxury Amenities We highlight top-tier amenities so your new home delivers the prestige and quality you expect. ✓ Market insights We provide detailed market comps and insights to guide your decision-making with confidence and clarity. 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