Why are we seeing more traffic from California?
Here are some reasons:
1- California imposes an 8.8% corporate income tax on businesses, while Florida has it at 4.458%.
2- Florida’s absence of a personal income tax. Paychecks go farther in Florida compared to California, which has the highest state income tax in the U.S. at 13.3%.
3- Florida residents do not have to pay taxes on capital gains, offering significant savings for investors.
4- The median price of a single-family home in California is about $618,000, versus $430,000 in the tri-county area.
5- The average asking rent for office space is $45.45 per sqft, compared to $64.12 per sqft in San Francisco, one of the most expensive aside from New York.
Source: SouthFlorida Business Journal