NEWS
Florida Top State For Millionaires To Call Home
Written by Mr. Real Estate
Published March 29, 2006
Published March 29, 2006
CNN/Money reported earlier that Florida ranks as one of the top states that millionaires call home. What do they invest in?
Although real estate is not their sole source of wealth, it remains a staple for many. Forty-six percent of those surveyed own investment real estate like a second home or rental properties.
California ranked as the No. 1 state for millionaires, but many are cashing out their equity there and moving it here to the Sunshine State. Other popular states for millionaires include Massachusetts, Illinois and New York.
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- Florida Top State For Millionaires To Call Home
- Published: March 29, 2006
- Type: News
- Section: Culture
- Filed Under: Culture: Business and Economics, Culture: Home and Garden
- Writer: Mr. Real Estate
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Comments on this articleComments
The Homestead Exemption makes it popular for primary residences, but millionaires also buy second homes here, even though the Homestead Exemption doesn't apply to second homes, but those second homes are often purchased with the intent of being used for retirement later down the road.
Florida is also a popular place to live because it has no state income tax.
-John Mudd
"Mr. Real Estate"
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I believe Florida is a popular place for the rich to buy homes because Florida has a full homestead exemption meaning that in bankruptcy you can't lose your house. In fact you can't lose your house unless you foreclose on a mortgage.
I think that is how OJ still has a mansion in Florida, although he owed millions to the Brown family for the civil case: The judgement couldn't touch the home in Florida.