At the beginning of October, the Business and Economic Polling Initiative of Florida Atlantic University conducted a survey of 1,000 permanent residents of Florida on the cost of living and the American Dream. The results are telling: 50% of respondents have already considered leaving Florida because of the cost of living. 56% are very worried about inflation, and 49% are very anxious about unaffordable housing. 77% still believe that owning property is part of the American Dream, but 79% think it is harder now than five years ago. The reasons: high home prices (for 36% of respondents), high interest rates (15%), and the cost of down payments (11%).
43% of those surveyed say they live paycheck to paycheck, and only 48% report having an emergency fund that could cover three months of expenses. Finally, 36% are very confident and 43% fairly confident that their personal situation will improve within two to five years.
What this survey shows is that the American Dream is still very much alive in the collective imagination of Floridians, and even if it is increasingly difficult to achieve, respondents remain optimistic about the future, despite tougher financial conditions than before.
At the same time, foreclosures are increasing: the Tampa metropolitan area is the urban zone with the highest number of foreclosures in the country in October 2025. Nationally, foreclosures (36,766 in total) are up +3% compared to September 2025, a rise that has continued for the eighth consecutive month, and up +19% compared to October 2024. Florida had the worst national rate in October: one foreclosure for every 1,829 properties. Besides Tampa (whose figures should improve in November following a data capture adjustment), Jacksonville and Orlando have rates below Florida’s average.
However, according to Rob Barber, president of ATTOM, a recognized provider of real estate data: “The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs”.
Will the Mamdani effect be able to revitalize the Florida real estate market?
It is possible, especially since the progressive policies of New York’s new young mayor propose raising taxes on high incomes and freezing rents. This could push High Net Worth Individuals to consider moving to more favorable skies with lighter taxation. In fact, this Mamdani effect, also called “The Mamdani Migration,” has already begun since his victory in the Democratic primaries on June 25, 2025: according to Alexander Clark of MSN, New York luxury real estate agents then began receiving numerous relocation requests, particularly to Florida. New York buyers are entering the Miami market with large budgets, allowing them to outbid local competition and drive prices up.
This change could lead to increased polarization of the market, where only the wealthiest could buy, leaving limited options for others. But it does revitalize the market and confirms Florida’s attractiveness for non-Floridian American investors and foreigners.
