My TOP Altcoin for Right Now Is...

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Will people leave Florida after devastating hurricanes? History suggests not

MIKE SCHNEIDER
November 01, 2024

ORLANDO, Fla. (AP) -- The news rippled through Treasure Island, Florida, almost like a third storm: The mayor planned to move off the barrier island a month after Hurricane Helene flooded tens of thousands of homes along the Gulf Coast and two weeks after Hurricane Milton also ravaged the state.

Mayor Tyler Payne's home had been flooded and damaged beyond repair, he explained in a message to Treasure Island residents, and he and his husband can't afford to rebuild. He also was stepping down as mayor.

"While it pains my heart to make this decision in the midst of our recovery from Hurricanes Helene and Milton, this is the best decision for me and my family," Payne, who had held the office for more than three years and was a fourth-generation Treasure Island resident, said Monday.

Up and down Florida's storm-battered Gulf Coast, residents are making the same calculations about whether they should stay or go. Can they afford to rebuild? What will insurance cover? People considering moving to Florida are contemplating whether it's worth the risk to come to a hurricane-prone state.

These existential questions about Florida's appeal are raised regularly after the state experiences a busy hurricane season, such as in 2004, when four hurricanes crossed the Sunshine State.

If moves into the state offer any answer, then hurricanes have served little as deterrents. Florida's population has grown by one-third to 23 million residents in the two decades since Charley, Frances, Jeanne and Ivan ravaged the state. Last year, Florida added more than 365,000 residents, second only to Texas among states.

On the other hand, there are signs that Florida's white-hot real estate market has cooled. Sales of single-family homes were down 12% in September compared with the same time in the previous year. But interest rates, rising home prices and skyrocketing insurance costs likely played bigger roles than the recent hurricanes.

"Florida recovers much faster than you think," said Brad O'Connor, chief economist for Florida Realtors.

What happens after a storm?

Studies of hurricanes along the Gulf Coast have shown that any outbound migration tends to be short-lived, and if people do leave, it's usually a short-distance move, such as from a barrier island to the mainland. Older people with more financial resources are more likely to return to devastated communities.

When it comes to the housing market, there may be an initial shock to the supply as homeowners wait for reimbursement from insurance companies to fix up their homes or sell them.

But in the three years after a hurricane, home prices in areas of Florida that were hit by one are 5% higher on average than elsewhere in the state because of smaller supply, according to a study of the impact of hurricanes on Florida's housing market from 2000 to 2016. New homeowners tend to be richer than previous ones since wealthier buyers can absorb price increases.

Other factors that determine how quickly communities bounce back include whether homes were insured, the speed of insurance reimbursements and whether there are enough construction workers. Because of stricter building codes implemented in the years after Hurricane Andrew devastated South Florida in 1992, newer homes withstand hurricanes better than older ones, O'Connor said.

"If a property is damaged and uninsured, and the homeowner says, 'I don't want to deal with this,' there are always people willing to scoop up that property because it's valuable land," he said. "People build new homes under the new codes and there's less of an impact from hurricanes."

Short term and long term

Recent storms offer examples what happens to communities, both short term and longer term.

In Lee County, home to Fort Myers, Hurricane Ian made landfall two years ago in what had been one of the fastest growing parts of the United States. Population growth slowed afterward to 1.5% from 4.4% before the storm. The number of households dropped from about 340,000 to about 326,000, according to the U.S. Census Bureau.

In 2019, three-quarters of all United Van Lines truck moves were into Lee County and a quarter were outbound, but that dropped to two-thirds inbound and a third outbound in 2023 to 2024, the company told The Associated Press.

The share of people in their late 20s, 30s and early 40s increased, as did the share of men with no spouse or partner, reflecting an influx of construction and recovery workers. The share of the white population dropped while it increased for the Hispanic community. The percentage of utility and transportation workers in the county jumped, according to the Census Bureau.

Bay County in the Florida Panhandle, where Michael made landfall as the first Category 5 hurricane on the continental U.S. in a quarter century in 2018, offers a portrait of longer term trends. Four years later, Bay County had recovered its pre-hurricane population, which dropped almost 6% in the year after the storm.

Since Michael, the county has grown more diverse, wealthier and older, with the median age rising from 39.6 to 41.4 and more people identifying as multiracial or Hispanic. The share of households earning $200,000 or more went from 4.3% before the hurricane to 8.3% in 2022 in a sign that some of the least affluent residents couldn't afford to rebuild or return.

Treasure Island's mayor

In his message to constituents, Payne said he would still stay connected to the Treasure Island community because his parents plan to rebuild on the barrier island, one of a string of beach towns along the Gulf of Mexico west of St. Petersburg known for motels, restaurants and bars lining the street. Payne, an attorney who also is an executive in his family's eyeglass-lenses manufacturing business, said in his message that his decision to move was "difficult."

"I completely empathize with the difficult decisions that are facing so many of our residents," Payne said.

___

Associated Press reporter Curt Anderson in Belleair Beach, Florida, contributed to this report.

___

Follow Mike Schneider on the social platform X: @MikeSchneiderAP.

Continue Reading...

Popular

Bitcoin SV Is Up 80% Over The Past Month: What's Going On?

Bitcoin's historic rise past $100,000 this week has sparked a surge of activity across the cryptocurrency market, bringing renewed attention to Bitcoin SV (CRYPTO:

Warren Buffett Says Parents Should Do This One Thing Before They Die, Whether They Are Rich Or Not

Legendary investor Warren Buffett has a piece of critical advice for parents that he believes they should follow, regardless of their wealth status.

Donald Trump Can't Save You From This Crisis - Ad

A huge economic crisis is about to strike America. 12 months from today, our country could be unrecognizable. That's why I've recorded this video and released it for free. Inside, I lay out exactly what's happening and several critical moves I believe every American should make right now.

Robinhood Markets Grows Into 'Best-In-Class' Brokerage, Analyst Says

Analysts have updated coverage and raised price targets on Robinhood Markets after the company hosted its first investor day on Wednesday and showed significant growth across customers, assets under custody and trading volumes.

Tesla Cybertruck Crash In California Claims 3 Lives, Leaves 1 Seriously Injured

In a tragic incident early Wednesday, a Tesla Cybertruck crashed in Piedmont, California, resulting in three fatalities and one serious injury.

"Buffett Indicator" Predicts 62% Stock Market Crash - Ad

The last time the "Buffett Indicator" flashed this red was in 2000 - right before the market crashed 50%. Take these 4 steps to protect your retirement here.

Here's How Ray Dalio Thinks Trump's Second Term Could Reshape the US and the World

Donald Trump's second term as president is expected to bring about a significant shift in the global and domestic order, with Trump's selections for key posts set to aid in this transformation.

President Trump and Elon Musk Issue Stark Warning - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Dogecoin Is 'Harder Money' Than Bitcoin, Says Raoul Pal: Here's What The Numbers Say

Dogecoin (CRYPTO: DOGE) rallied 17% over the past week, spurred by speculation around Elon Musk's X Payments platform potentially incorporating DOGE.

Is NVDA a Sell? Buy This Stock Instead Before Dec. 31 - Ad

After soaring over 150% in 2024 alone... is it actually time to buy Nvidia? A 50-year Wall Street veteran gives his answer to Nvidia, right here... Including the name and ticker of one under-the-radar AI stock to buy instead of Nvidia... before Tuesday, December 31st.

NBA Legend Shaq's Daughter Breaks Silence On Dad's Career, Defying Family Expectations: 'It's A No Go For Me'

In a departure from her family's sports-oriented legacy, Taahirah O'Neal, the eldest daughter of basketball legend Shaquille O'Neal, has chosen to pursue a different career path and lifestyle.

Zuckerberg dines with Trump in Mar-a-Lago

FORT LAUDERDALE, Fla. (AP) — Donald Trump dined on Wednesday with Meta CEO at the president-elect’s Mar-a-Lago club in Florida, bringing together the Facebook founder and the former president who was once banned from that social network.

December 16th - The Biggest Crypto Event in History - Ad

According to the man who called every major market top and bottom for the last 29 years... A single event triggering on November 18th will send the crypto market soaring. But what's more exciting... is that this event could send a small sector of the crypto market soaring 5X, 25X, and even 100X higher in just days.

Joe Biden Pardons Hunter -- Donald Trump Likely To Pardon January 6 Protestors, Polymarket Traders Speculate

Trump may pardon January 6th rioters, Hunter Biden, Edward Snowden, Julian Assange, and Steve Bannon, showcasing his views on justice and loyalty.

Economist Slams DOGE: Tells Elon Musk-Led Initiative To 'Do Your Legal Job Well' Amid Super Bowl Ad Spending Clash

Prominent economist Claudia Sahm has criticized the newly formed Department of Government Efficiency (DOGE) and its leadership’s approach to government spending, particularl

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

Cyber Monday shoppers expected to set a record on the year's biggest day for online shopping

Consumers in the United States are scouring the internet as they look to take advantage of the post-Thanksgiving shopping marathon with .

Cathie Wood Sees $400B Opportunity In Biologics — How Have Her Bets Fared?

Cathie Wood, CEO of ARK Invest, is doubling down on biologics, seeing unprecedented potential at the intersection of artificial intelligence, genetic sequencing, and gene editing technologies.

Why Do So Many Billionaire Investors Seem Scared of This Bull Run? - Ad

Well-connected billionaires like Warren Buffett have been selling off US stocks at an alarming rate. Today, one of America's most trusted market experts is stepping forward to explain what's really going on behind the scenes of this bull market - and why you could soon face losses of 50% or more if you do nothing.

Trump threatens 100% tariff on the BRIC bloc of nations if they act to undermine US dollar

WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump on Saturday threatened 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar.

He'll be the last meatpacker in the Meatpacking District. Here's how NYC's gritty 'hood got chic

NEW YORK (AP) — When John Jobbagy’s grandfather immigrated from Budapest in 1900, he joined a throng of European butchers chopping up and shipping off meat in a loud, smelly corner of Manhattan that New Yorkers called the Meatpacking District.

Huge Tesla Pivot Changes Everything - Ad

Elon Musk's new plan for Tesla's future has nothing to do with electric cars...TechRadar reports it "will blow your mind..." & McKinsey says it "will shape the coming decade." We recently got our hands on a video clip detailing this breakthrough.

What to stream: Michael Fassbender spies, yacht rock doc, Ben Stiller, the Beatles and Lindsay Lohan

The Oscar-nominated animated charmer “Robot Dreams” and Lindsay Lohan starring in the Christmas romantic comedy “Our Little Secret” are some of the new television, films, music and games near you.

Canada Prepares Retaliatory Tariffs After Trump Threats: Analysts Warn Of Further Loonie Weakness

Canada prepares for potential tariffs on US goods following Trump's threats. Discussions underway to target certain items if tariffs are enacted.

What Is Nvidia's New $1 Trillion Superproject? - Ad

While most are still focused on Nvidia's recent performance, they're missing this massive, $1 trillion pivot Nvidia's making right now. But it's what's happening behind the scenes that should be most exciting for investors. We've identified three companies that Nvidia needs to lean on to help get the job done.

China's aging population fuels 'silver economy' boom, but profits can prove elusive

HONG KONG (AP) — Every Wednesday, retiree Zhang Zhili travels an hour by bus to an education center, drawn by the pulsing rhythms of the African drum she plays there in a classroom filled with fellow retirees whose hands move in unison, every beat lifting her spirits.

Students can now apply for federal college aid. Officials hope for a smoother rollout this year

WASHINGTON (AP) — The federal FAFSA form used to apply for college financial aid opened to high school seniors nationwide on Thursday, a year after a by the Biden administration delayed the application for months.

Media Humiliated: Demo of Elon's Tech Proves They're Wrong - Ad

It's smaller than a quarter, but it could power Elon Musk's next AI revolution... A revolution he believes will be worth more than $9 trillion. Believe it or not, this device could even help put an extra $30k in your pocket every year outside of the markets.

8 arrested after blast disrupts Kosovo water and power supplies

PRISTINA, Kosovo (AP) — A powerful explosion damaged a water canal and temporarily cut water and power supplies to Kosovo’s cities, the prime minister said Saturday, blaming groups supported by Serbia. At least eight people were arrested.

Is a Starlink IPO Coming in 2024? - Ad

Could there be signs that a Starlink IPO is set for the second half of 2024? According to one top venture capitalist, the answer is YES! And for the first time ever, you have the rare chance to profit pre-IPO... BEFORE Starlink goes public.

Features Delay In iOS 19, Tim Cook's Trump Strategy, And Airpods Pro 2's Hearing Aid Feature: This Week In Appleverse

From potential delays in key iOS 19 features to the company's Black Friday deals, there's a lot to unpack. Let's dive into the top five stories that have kept Apple in the headlines.

Black Friday, Cyber Monday Shopping Set To Break Sales Records

Retailers are expecting a record-breaking Black Friday to Cyber Monday shopping period as cash-strapped consumers are expected to shop early in the holiday season for sales promotions and savings.

Watch Jeff's New Demo: Elon Musk's New $9 Trillion AI Product - Ad

Why is Jeff Brown blindfolded and with his hands tied behind his back? It's all part of a crazy experiment involving a Cybertruck. See this demo because if Jeff is right... Elon Musk could make a lot of people rich with his new AI technology.

Mexico suggests it would impose its own tariffs to retaliate against any Trump tariffs

MEXICO CITY (AP) — President Claudia Sheinbaum suggested Tuesday that Mexico could retaliate with tariffs of its own, after U.S. President-elect Donald 25% import duties on Mexican goods if the country doesn’t stop the flow of drugs and migrants across the border.

SoftBank Secures Bigger OpenAI Stake With $1.5B Employee Share Buyout: Report

OpenAI is enabling employees to sell up to $1.5 billion worth of shares in a tender offer led by SoftBank

Act by January 28th: Discover Elon's Mind-Blowing New Invention! - Ad

When you click here you'll discover what Elon Musk's newest invention can do... And how it works... You might think it's straight out of a sci-fi movie. But Elon just conducted a real-life test on a human, and the outcome was astonishing.

Target Black Friday Deals: Pokémon Shoppers Gotta Catch 'Em All

Pokémon is one of the most searched items for Christmas gifts based on Black Friday search data, especially at Target.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service