Florida has a 'serious mismatch' between housing costs and income – Florida Trend

Florida has a ‘serious mismatch’ between housing costs and income

Nearly 1,000 people move to Florida every day, making Florida the second fastest-growing state in the country. Yet as housing demand increases, there aren’t enough options to meet the demand of those who need affordable housing. No state has an adequate supply of affordable housing, according to The Gap, an annual report from the National Low Income Housing Coalition, published in March. Florida is one of the five states that are most challenging for extremely low-income renters to find affordable housing, along with Nevada, California, Oregon and Arizona. [Source: Sarasota Herald-Tribune]

Young homebuyers are snapping up houses they’ve never even seen

The first time Jason Mullan saw his new home was the day he showed up to move in. The 36-year-old from New York City bought the house entirely online, without ever seeing it in person. He’s among a growing number of homebuyers, particularly millennials, who are investing thousands of dollars on Florida homes they’ve seen only on a cellphone or a computer screen. Some 63% of homebuyers made an offer on a house in December that they had not seen in person, up from 45% in July 2020, according to discount real estate brokerage RedFin. [Source: South Florida Sun-Sentinel]

Florida leaders try to tame soaring property-insurance premiums with reform bill

Grappling with problems in the property insurance market, Florida lawmakers have passed a plan that could lead to larger rate increases for customers of the state-backed Citizens Property Insurance Corp. and steps to curb roof damage claims and lawsuits. But the bill approved on the last day of the regular session on Friday was not as far-reaching as a Senate proposal that would have effectively shifted more costs to many homeowners when they suffer roof damage. [Source: Orlando Sentinel ]

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