The rising value of homes in Florida has now surpassed New York as the second most valuable housing market in the United States. This is due to a number of factors, including:
- An influx of people moving to Florida from other states: Florida has a no-income tax, a warm climate, and a variety of job opportunities, making it an attractive destination for people moving from high-tax states like New York and California.
- A limited supply of housing: Florida has a growing population but a limited supply of housing, which is driving up prices.
- Low interest rates: Low interest rates make it easier for people to afford to buy homes.
Despite the rising value of Florida homes, The housing market in Florida is expected to remain strong in the near future. The state's population is projected to continue to grow, and the supply of housing is expected to remain limited.
Ariel Zilber, Florida overtakes NY as nation’s second most valuable housing market, New York Post, https://nypost.com/2023/09/26/florida-overtakes-ny-as-second-most-valuable-housing-market/ (Sept. 26, 2023).
Tags: affordability, covid-19, economy, Florida housing market, home prices, job opportunities, limited supply of housing, median home price, migration, New York housing market, no-income tax, population growth, real estate, US housing market