Rental Affordability in Florida: Navigating Trends & Challenges
Amidst the dynamic landscape of Florida's housing market, the state experienced a transformative period during the COVID-19 pandemic, marked by a notable surge in migration. This influx, primarily from northeastern regions, has substantially influenced the demand for housing, steering Florida into the national spotlight as a top migration destination.
Read full storyFlorida's Overpriced Housing Markets: Causes & Impacts
Florida's housing market faces a pressing issue – overvaluation. With nine of the top 15 overvalued housing markets in the United States located in the Sunshine State, including Miami, Tampa, and Orlando, prospective homebuyers and renters are paying premiums significantly higher than expected.
Read full storyFlood-Resistant Construction in Florida: Practices and Challenges
Flood-resistant construction in Florida is gaining traction due to new building codes, but it still faces many challenges and may only be practical for some. Flood-resistant construction refers to construction practices that aim to prevent flood water from entering a property or, if unavoidable, to minimize the damage to the property. You see these construction practices applied in flood plains and other areas at a higher risk of flooding via rainfall and rising sea levels.
Read full storyImpact of New Law Milestone Inspections on Condo Owners/Tenants/Buyers
Introducing new inspection laws in Florida and the subsequent assessment hikes, including unique special assessments, can significantly increase the cost of living. The Surfside condominium collapse of 2021 was not a unique incident. In 1981, the walkway of Hyatt Regency in Kansas City collapsed and killed about 114 people, and there are several other examples where workers died when an under-construction building collapsed.
Read full storyFlorida - The Second Most Valuable Housing Market in the Country: Strong or Dangerously Inflated?
Florida has dethroned New York and has become the country's second most valuable housing market, but is this rise sustainable?. Florida is among the top states in the US when it comes to population growth. Between 1946 (2.4 million) and 2022 (22.4 million), the population has grown over nine times. The state experienced a significant population boom between 1946 and 1957, and even though the population increase percentage has been unsteadily falling, the number has always remained positive and almost always ahead of the national population growth rate.
Read full storyFlorida Gun Laws: Impact on Real Estate
Gun laws in Florida, especially the new concealed carry law, may potentially increase violent crimes, but their impact on real estate is challenging to predict. Florida's new gun laws, which became applicable state-wide starting July 2023, now allow permitless concealed carry. The law allows individuals aged 21 or above (if they meet the basic requirements) to carry a concealed weapon without obtaining a permit. These requirements include US citizenship and no violence-related criminal history or open charges.
Read full story"Living The Resort Life: Florida's Rise in Resort-Style Communities"
"A perfect summer day is when the sun is shining, the breeze is blowing, the birds are singing, and the lawnmower is broken."-James Dent- While it's not the "oldest" state in the US (this honor goes to Maine), Florida has a much higher percentage of people aged 65 and above than the country. As per the government's 2022 population estimate, seniors aged 65 and above comprise 21.6% of the population, compared to the national 17.3%.
Read full storyRising Sea Levels Threaten Florida Property Prices
Experts predict sea levels to rise a foot in the next 30 years, creating threatening conditions for residents and property. "It's going to be in unexpected areas that have not flooded but are now starting to flood."-Dr. William Sweet, NOAA Oceanograper.
Read full storyHow To Identify and Avoid Housing Rental Scams in Florida
Florida has one of the country's most thriving real estate and rental markets, and one factor behind this phenomenon is the massive number of people who want to move into the state. It saw the highest influx of new residents in the last two years, 221,000 in 2021 and 319,000 in 2022. That's half a million people in just two years.
Read full storyProperty Insurance Costs are Pricing People Out of Paradise
Heat index numbers are not the only thing rising in Florida. The state of Florida, known for its picturesque beaches, vibrant culture, and endless sunshine, has always been a dream destination for homeowners. We have all daydreamed about sipping cocktails on Florida's golden beaches or watching the palm trees sway in the warm breeze. Yet, beneath this charm lies a daunting challenge casting a shadow over Florida's real estate market - the property insurance crisis!
Read full storyFlorida Ranks High Amongst House Poor Property Owners
Florida's sun-kissed reputation and picturesque landscapes make it a paradise for retirees, vacationers, and dreamers seeking everyday life. The beautiful beaches, vibrant cities, and favorable tax climate attract millions of residents – like you. You may see the Sunshine State as a vacation destination and a retirement community. Either way, the land of palm trees has plenty of money that flows into it!
Read full storyFlorida Real Estate Mid-Term Trends, Insights, and Analysis
Florida's sunny beaches and booming economy have attracted more buyers to its real estate market than any other state. The impact has contributed to the reasons that the real estate market of Florida is lucrative to the state's economy. Building, buying, leasing, and selling it generates revenue, creates jobs, and contributes more than $227.3 billion annually to the state's economy.
Read full storyAmerica's Real Estate Market Meets Artificial Intelligence
Artificial intelligence has found a home in the housing market. America's real estate is a big topic of concern in an increasingly virtual world. Artificial intelligence is taking over the industry. The housing market has always been a fascinating subject for Americans, but with the advent of AI, the way we buy and sell homes is changing rapidly. You can notice real estate companies, such as Compass, Zillow, and LoanSnap, employ AI for getting the perfect mortgage, buying or selling a house, and home financing.
Read full storyFlorida Real Estate Dilemma: Should You Buy New Construction or an Existing Home?
The sand, surf, and sun are reasons people want to call Florida home.Photo byDenys KostyuchenkoonUnsplash. Florida is the third largest by population and seventh fastest-growing state and remains one of the nation's top places to live. People love flocking to the Sunshine State, especially the vibrant cities like Miami, Orlando, and Tampa. According to a NAR analysis, no state income tax, primarily pleasant weather, beaches, and affordability, made 319,000 people migrate to the state after the Covid-19 pandemic.
Read full storyFlorida Owners Could See Potential Surcharge on Property Insurance Policies
You may have noticed that property insurance in Florida has been becoming increasingly complex and challenging for policyholders. Recently, the Sunshine State of Florida has been hit hard by natural disasters, including devastating hurricanes and floods, significantly damaging homes and properties.
Read full storyFlorida's Live Local Act Aims to Increase Affordable Housing Options
Florida's affordable housing law: The Live Local Act. Property prices in Florida have steadily increased since the pandemic, making affordable housing a significant concern for policymakers, businesses, and residents. In a state as popular and crowded as Florida, the skyrocketing land prices, debt, labor, materials, and insurance makes it difficult for many Floridians to afford a decent house.
Read full storyFlorida Rental Rates Soar While Residents Fight Affordability
A national rent study identified Florida housing rentals as overvalued. Florida, the Sunshine State, is always a crowd-puller for its stunning sunny beaches, warm climate, and drastically growing job market. Similarly, cultural diversity, job opportunities, and lower cost of living make Florida a popular destination for retirees and young professionals. However, if you are also searching for a place to live in this state, there is some troubling news for you. According to a recent rental study, a staggering increase of up to 29% in rental rates has significantly caused competition for affordable housing.
Read full storyFlorida Property Insurance Spikes in 2023
Are you noticing a steady increase in your property insurance premiums in Florida? Well, you're not alone. Florida property insurance has compelled house owners to worry about the consistent upward price trend. Did you know that Florida is now - in 2023 – on the top of the list regarding home insurance prices, and the insurance price of the property is increasing by 30% annually? If not, keep up with the article to know the latest and essential trends in Florida property insurance. I have brought you the quintessential update of 2023 about property insurance, and the cost of Florida property centered around why is the insurance of property rising drastically. So, let's find out how the high cost of Florida property insurance has shocked house owners in Florida.
Read full storyNavigating Uncertainty in Florida Real Estate: It's a Numbers Game
The real estate industry has been driving the economy of Florida since Corona pandemic. However, TD Economics claimed some signs of cooling down this market in the September 2022 report. By analyzing the drop in home sales since June 2022 by 25% due to higher mortgage rates, many experts believe that Florida home prices can drop by 20% in 2023. Unlike in previous years, there is a considerable reduction in construction and purchases of new housing, primarily due to higher inflation rates and strict government policies. Therefore, a further decrease in sales of 10-15% of the houses between now and June 2023 is forecast by realtors.
Read full storyIs Florida's Infrastructure System Making the Grade Against Population Growth
Infrastructure strategies crucial to real estate population growth. People have been flocking to the Sunshine State for years because of its mild weather, beaches, low taxes, and business-friendly regulations. As a result, the population is predicted to grow by 1.34% in 2023, bringing an additional 310,000 new residents to the area. But approximately 95% of apartments are already occupied. The state expects to attract 2.5 million newcomers within ten years.
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