Citrus County Growing Population

As we approach the holiday season and this week Thanksgiving,  we can reminisce about that first Thanksgiving where settlers celebrated a great harvest.  America was and continues to experience growing migrations. However, population growth is less than it has been. This week, our broker  sent out an article on US migration. Where are people moving to?  Important  to know, as you watch your real estate investment value change.  

I became curious to see some numbers on how fast our Citrus County seems to be expanding. According to World Population Review  The 2023  Citrus population is 157,626, and in 2010 it was 141,238.  

See chart: CC population

Population Growth Continues to Decline Nationwide

The U.S. population grew by a meager 0.38% between July 2021 and July 2022 — which, while slower growth than normal, was still higher than last year’s record-low rate of 0.16% growth. This uptick can be attributed to two major factors: fewer deaths as a result of the COVID-19 pandemic and a significant influx of net immigration from abroad. In fact, the United States gained more immigrants in 2022 than the past four years combined. These numbers varied significantly by state. The states that saw the greatest population increase were Florida (1.91%), Idaho (1.82%) and South Carolina (1.72%), with losses greatest in New York (-0.91%),Illinois (-0.82%), and Louisiana (-0.8%). Overall, nearly two in five states saw their populations decline in the last year. 18 States Lost Population Over the Past Year. 

While the jump in mortgage rates has made it more financially difficult for American homeowners to move, millions will continue to do so each year by necessity and when they do, they’ll gravitate toward lower-cost-of-living areas.

• Even with very low national population growth expected for the next several decades, the U.S.remains in an extreme housing shortage. Unless we build new housing at a much faster pace than we are currently, we will continue to see more demand for housing than available supply. This should continue to keep prices relatively high.

• Americans are still moving to the suburbs — just not in the same numbers as last year. Cities in general appear to be poised for a resurgence, although the numbers for each individual city will vary.

• The Southeast remains incredibly popular for inter-state movers, many of whom are leaving coastal cities in search of more space and a lower cost of living. 

• Baby boomers have overtaken millennials as the largest cohort of home buyers. Keep this in mind when staging homes for sale; the most common buyer in your market may not be the millennial family with kids on the way.The “silver tsunami” — in which older Americans free up a big chunk of the housing stock — is unlikely to hit in earnest for another decade or two. 

link  to full article: 

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