Population Boom Makes Florida the New US Inflation Hotspot

Population Boom , Makes Florida the New , US Inflation Hotspot.<br />CNN reports that Florida is now <br />the United States' inflation hotspot, <br />due to the persistently high cost of housing.<br />With just over 2.5 million residents, <br />the Miami-Fort Lauderdale-West Palm Beach area has the highest inflation rate of all U.S. metro areas.<br />For the 12 months leading up to April, <br />the area had an inflation rate of 9%.<br />CNN reports that the state's growing <br />population has driven inflation higher, <br />particularly in regards to housing costs.<br />Both the rental and purchasing markets <br />are seeing upward pressures <br />on prices from all these factors, Amanda Phalin, Economist at the University of Florida, via CNN.<br />According to the Census Bureau's latest data, <br />Florida's population grew more than any <br />other state between July 2021 and July 2022. .<br />During the same period of time, the state <br />also saw the fastest population growth <br />by percentage, for the first time since 1957.<br />A lot of people are still coming to Florida <br />because the economy is really strong, <br />and many like the fact that we don’t have <br />an income tax like in New York, for example, Amanda Phalin, Economist at the University of Florida, via CNN.<br />And in places like Miami, we’re <br />seeing a lot of real estate demand <br />from non-Floridians or non-American <br />investors — generally wealthy folks <br />who want to have a nice home here, Amanda Phalin, Economist at the University of Florida, via CNN.<br />Meanwhile, Minneapolis saw its inflation rate drop to 1.8% <br />in May, compared to a year earlier, coming in the lowest <br />of 23 metro areas tracked by the Labor Department