April 13, 2024
Florida is growing. Can affordable housing keep up?

Florida Trend Real Estate

Florida is growing. Can affordable housing keep up?

| 3/18/2024

Florida is growing. Can affordable housing keep up?

While Florida is booming in home sales and new construction, the influx of people moving to the state means affordable housing remains an issue, according to a new report from the University of Florida. More than 450,000 people moved to Florida in 2021 and 2022, according to the report. Single family homebuilding was especially strong in a swath of growing counties across Southwest and Central Florida, including Polk, Lee, Pasco and Hillsborough counties. More from UF News and the Tampa Bay Times.

Reduce insurance costs by 25%? South Florida backers push bill they say would do it

Two longtime South Florida political leaders are pushing a congressional bill they say would immediately lower the cost of homeowner property insurance by about 25% in Florida and across the nation. That would be welcome news to millions of Florida homeowners suffering under backbreaking increases in property insurance costs over the past several years. The Insurance Information Institute, a nonprofit organization funded by large insurers, estimated in 2023 that Florida homes cost $6,000, three times the national average, to insure. [Source: South Florida Sun-Sentinel]

Miami sees largest home price surge among major U.S. markets since 2000, with other Florida cities near the top

Buying a home has been a pricey proposition in Florida since the turn of the century. Four of the state’s cities are ranked among the top 20 when it comes to home prices increases in the largest U.S. metropolitan areas since 2000. Clever Real Estate, a data and real estate analysis company, completed a study of the nation’s 50 biggest cities and home price increases in those large metro areas. Miami came in with the greatest increase in home prices in the U.S. so far this century, with a 299% jump in home values. [Source: Florida Politics]

Florida citrus capital was top destination for U.S. movers last year

More people moved to a county rich with citrus groves located between two of Florida’s most populous metro areas than to any other county in the U.S. last year, according to estimates released Thursday by the U.S. Census Bureau. More than 29,300 people moved last year to the county between Tampa and Orlando, two metro areas where housing has grown increasingly pricey and the county is considered a cheaper alternative. More from the Orlando Sentinel and Click Orlando.

Foreclosure actions spike in South Florida

One out of every 2,392 housing units in South Florida were in the midst of a foreclosure action in February, a recent report stated. According to a report from California-based property data company Attom, South Florida has among the worst foreclosure rates in the U.S. Among metro areas with a population of more than one million, South Florida has the fifth high foreclosure rate, Attom stated. More from the  South Florida Business Journaland Newsweek.

STAT OF THE WEEK
1.171 million
Florida's most used home insurance company Citizens announced it will begin shedding plans this week. Although more Floridians use Citizens than any other insurance provider at 1.171 million, it's not a choice as those property owners are unable to buy policies elsewhere. [Source: Florida Today]

ALSO TRENDING:

› House hunting in South Florida? Buyers expected to pay new cost starting this summer
Homebuyers in South Florida can expect the house-hunting process to get more expensive this summer following a change announced on Friday by the largest association of real estate agents. Sellers and their listing agents are no longer beholden to covering commission fees starting in July, according to the National Association of Realtors.

› Downtown Jacksonville welcomes new LaVilla homeowners for 1st time in more than 20 years
For the first time in more than 20 years, downtown Jacksonville welcomed new homeowners to the area. Offering walkability and access to JTA’s transportation hub, Johnson Commons at LaVilla on Farwell Street is breathing new life into the urban core of downtown Jacksonville. The arrival of its first homeowners marked a significant milestone in the revitalization efforts of the historic neighborhood.

› Tampa Bay architects are cautiously optimistic about 2024 construction
All of the construction projects popping up around Tampa Bay wouldn’t be possible without an architect. These professionals are hired early in the development process, giving them a unique outlook on the health of the industry. In February, the Tampa Bay chapter of the American Institute of Architects surveyed 124 members to gauge their expectations for the year to come.

› Orlando home sales jumped 26% last month. Here's why it matters.
Orlando home sales rose in February for the first time in eight months, with prices going up as well, launching the spring selling season. A new Orlando Regional Realtor Association report shows sales jumped 26.5% from 1,719 in January to 2,174 over the short month — ending a slump that began in June. However, sales still were below February 2023's 2,240.

Tags: Real Estate eNews

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Real Estate Video Pick

She was priced out of St. Augustine. Now, this mother is finally getting a home of her own with the help of a nonprofit
She was priced out of St. Augustine. Now, this mother is finally getting a home of her own with the help of a nonprofit

Housing affordability is something that’s on everyone’s mind. New research shows that home prices have increased two times faster than inflation since 2013. It’s a big reason why many Americans can’t afford a home in 2024.

 

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