It's no secret that the Florida housing market has had sharp price increases. Although as a whole Florida saw growth of about 24% year-over-year as of May 2022, some areas such much sharper increases. In fact, some areas saw so much growth that some experts called them "overvalued." According to data from Florida Atlantic University, Ft. Myers, Tampa, North Port, and Sarasota are some examples of these markets.
Depending on where you live in the United States, if you make less than $76,000 a year and with the median price for a home nationwide being close to $370,000, odds are you won't be able to afford to buy that American dream home. That's according to data Visual Capitalist uncovered during quarter 1 of 2022, where it analyzed the salary needed to buy a home in 50 U.S. metro cities.
Miami doctor Armando Valdes didn’t just lose his freedom last week when he was sentenced to federal prison after a six-year healthcare fraud run through a West Miami-Dade office — he lost his house, four other houses or condominiums in South Florida and an empty lot adjacent to one of the houses.
The side-by-side luxury homes near Fort Lauderdale are separated by a large private lake and span 11 acres of gated property.
This is a first in a series of stories based on reader questions regarding the housing affordability crisis in South Florida. Q: What measures are being taken to make sure that moderately paid professionals, like teachers and most government employees, are able to secure and maintain housing? –Kimberly Rhoden, long-time teacher A: Both rents and home prices have boomed in South Florida since ...
TAMPA, Fla. - It's no surprise that it's pricey to live in paradise. Florida's housing market surged in popularity during the pandemic, with Tampa seeing some of the sharpest rises in home prices in the entire country. The Miami and Orlando housing markets also experienced significant jumps — though rising mortgage rates are already slowing that momentum.
Plans call for the project to be completed by April 2023. The Terwilliger Brothers Residential LLC (TBR) has broken ground on its multifamily development in Palmetto, Fla. Trevesta Place will consist of 256 units between six different buildings. According to Yardi Matrix data, a construction loan for $34 million was secured through Hancock Whitney Bank in late 2021.
Needing places to either work from temporarily or vacation as they escaped pandemic restrictions, COVID fleers made South Florida one of their top destinations. And with them came an increased need for short-term housing, or vacation rentals. “It appears mostly in the Sunbelt states, particularly in Florida, in South Carolina, where we have beachfronts and parts of Texas,” Ken H. Johnson, real ...
A three-year study of buyers’ incomes shows the impetus for rising home prices in many of the nation’s hottest cities. A study by Redfin created a top-10 list of metros where buyers’ median income grew the most between 2019 and 2021. Of those, four are in Florida. Nationally, buyers’ incomes grew 6.8%; in those Florida metros, it hovered around 17%. [Source: Florida Trend]
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(FLA) — The price of living in Florida is becoming more unaffordable for residents as rent continues to climb, according to a new report. The new report shows just how unaffordable the Sunshine State has become, especially in South Florida. The National Low Income Housing Coalition released its “Out...
Bonnie Heatzig is executive director of luxury sales at Douglas Elliman, based in Boca Raton. The New York Post recently published an article by Steve Cuozzo, titled “Listen up, New York — Florida sucks, and you’ll all be back in five years.”. While it’s old news that...
A new study by the National Low Income Housing Coalition revealed that minimum wage workers have to work 86 hours each week in order to be able to afford a one-bedroom rental home in Florida.
FLORIDA — This week’s Florida Wow Houses include a New Port Richey home with a two-stall barn, a Mediterranean-style estate in Tampa with a wine cellar and a St. Petersburg home with a lush, tropical vibe.