South Florida’s housing market is poised to grow even more as demand remains strong and supply remains tight, according to researchers at Florida Atlantic University and Florida International University. A new study from FAU and FIU shows the Miami metropolitan area, which includes Miami-Dade, Broward, and Palm Beach counties, is climbing up the list of more valuable housing markets. Nationwide: National coverage from WPBF 25 News Currently, buyers are paying a nearly 39% premium for a typical home in the Miami metro area.
Miami Metro, which also includes Palm Beach County, is now at 39%, almost 39%, which has moved us to 11th most affordable markets in America. And what’s really remarkable about this, and it’s not good news, is that a year ago, none of the nine measured markets were even anywhere near the top 20 highest-priced markets,” Ken H. Johnson, a real estate economist at Florida Atlantic University, said. “It’s like if you went to the supermarket, and you normally paid $1 for a loaf of bread, and today you had to pay $1.25. You’ll pay a 25% premium.” Data from the Beracha & Johnson Housing Market Rankings shows that Florida has nine of the nation’s top 15 most expensive and steadily growing metro areas. Tampa tops the list, where Buyers pay an average of 42.56% premium for a home.
Your neighborhood: Local coverage from WPBF 25 News Prices are being affected by two market factors, Johnson said. “Thirty-year mortgage rates are now at 7% , making it very unlikely that we’ll see an increase in prices is very high because the cost of getting that property on a monthly basis is very high,” Johnson said. “The downside of things that is driving prices up is that is that we have a severe shortage of total units for living. It’s total units for living and rent as well as total units for living and ownership.
We have a shortage of units in Florida,” Johnson said. Johnson said the shortfall is being driven by home construction, with about 70,000 new homes expected to be built in southeast Florida next year. That means someone with a lease or title on the title. Johnson said that we will be in this pattern for many years to come. “So just as we talked so much about a housing crash 16 years ago, 15, 16 years ago, this time around, we’ll be talking about this longer affordable housing period on both rentals and homes. And how are we going to solve it,” Johnson said. “And we will. We’ll figure it out. Housing prices go up a trend and then cycle down. It just takes a little bit of time. But I think it’s going to be about how we address the affordable housing issue.” Stay Updated: Latest Headlines and Weather from WPBF 25
Boca Raton, Florida –
South Florida’s housing market is poised to grow even more as demand remains strong and supply remains tight, according to researchers at Florida Atlantic University and Florida International University.
A new study by FAU and FIU shows that the Miami metropolitan area, which includes Miami-Dade, Broward and Palm Beach counties, is climbing up the list of more expensive housing markets.
Currently, buyers are paying a premium of about 39% for a typical home in the Miami metro area.
“So the premium in Miami Metro, which includes Palm Beach County, is now 39%, about 39%, which has put us in 11th place among the highest priced markets in America. And what’s really remarkable about this, and it’s not good news, is that a year ago, none of the nine measured markets were even anywhere near the top 20 highest-priced markets,” Ken H. Johnson, a real estate economist at Florida Atlantic University, said.
“It’s like if you went to the supermarket, and you normally pay $1 for a bun, and today you had to pay $1.25. You have to pay 25% premium.
Data from the Beracha & Johnson Housing Market Rankings shows that Florida has nine of the top 15 most pricy and steadily growing metro areas in the country.
Tampa topped the list, with buyers paying an average premium of 42.56% for a home.
Johnson said prices are being influenced by two market factors.
“Thirty-year mortgage rates are now at 7%, making it very unlikely that we’ll see prices go up much because the cost of getting that much property on a monthly basis is just too high,” Johnson said. “The downside of things which is driving up the prices is that we have a huge shortage of total units to live in. This is the total units for living and rent as well as the total units for living and ownership. We lack units in Florida,” Johnson said.
Johnson said the shortfall is being driven by home formation, with about 70,000 new homes expected to be built in southeast Florida next year. It means the name of someone on lease or ownership.
Johnson said that we will probably be in this pattern for many years to come.
“So as we talked so much about a housing crash 16 years ago, 15, 16 years ago, this time, we will be talking about this long unaffordable housing period on both rents and homes. And how are we going to solve it,” Johnson said. “And we will. We’ll figure it out. Housing prices go up a trend and then cycle down. It just takes a little time. But I think it’s going to be about how far we’ve had affordable housing.” How to deal with the issue.
https://www.wpbf.com/article/south-florida-housing-market-buying-selling/44520035
