Part 4/8:
The demographic landscape of Florida's condo buyers is another factor contributing to the market's decline. The state has long been a favored destination for retirees, drawn not just by the warm climate but also by favorable tax conditions. However, as older residents begin to face operational costs such as rising HOA fees and expensive property insurance—now estimated to be four times the national average—many are opting to sell, often at a financial loss. Retirees, who typically seek to simplify their lives, are willing to part with their properties rather than grapple with escalating costs and maintenance responsibilities.