Florida now has 4 of the top 10 American cities where home prices are plummeting the most
Florida now has 4 of the top 10 American cities where home prices are plummeting the most
Prices in some pandemic boomtowns have fallen sharply
Summary
Home prices in Florida are dropping sharply, with Miami seeing a 12.4% decline, followed by Jacksonville (6.1%), Orlando (5.6%), and Tampa (5.5%).
This decline comes amid escalating climate risks and rising insurance costs, worsened by recent hurricanes Helene and Milton.
Florida’s insurance crisis—exacerbated by insurers leaving or going bankrupt—has made it increasingly difficult and expensive to insure homes, prompting some residents to sell flood-damaged properties “as is” to investors.
Despite these challenges, new construction continues in high-risk flood areas, heightening long-term vulnerabilities.
Because only an idiot would move there. Next hurricane season is going to be amazing with no FEMA after the Republicans give that money to billionaires.
Because only an idiot would move there.
Ehhhh....
I mean, you can make houses that can handle hurricanes and flooding. They will cost more and may place some aesthetic constraints on the house, but it's like fires or earthquakes or anything else; you can build to deal with it.
For flooding, you can elevate a house.
https://experience.arcgis.com/experience/203f772571cb48b1b8b50fdcc3272e2c
It looks like you can even modify an existing house, which I think is a little bonkers, but maybe it's cheaper:
https://www.fema.gov/sites/default/files/documents/fema_elevating-your-house-chapter-5.pdf
You can also build buildings that will stand up to debris blown by high winds; heavier support, possibly concrete or steel frames.
I agree with the sentiment regarding, say, people who just keep rebuilding the same beach house after it gets wiped out by storms, but it is possible to have houses that can take rougher conditions. Just costs more.
EDIT: That being said, I would not personally want to move to Florida due to the humid and toasty summers and mosquitoes. Not my cup of tea.
But everyone's got their own preferences.
You can't get flood insurance there, lol.
And good luck with regulations under a Trump presidency. Regulations cost money, and money belongs in the pockets of shareholders.
That really only works though if everyone else is willing to spend that money and do it. You can bet Ron DeSantis won’t mandate it. In Galveston when one of the hurricanes hit, there was a picture of an entire part of town leveled except one house that was built for it. What happened? It still got condemned because the entire area was unlivable.
They were so preoccupied with whether or not they could, they never stopped to think if they should.
However, in cities such as Miami, median list prices are still 50% higher than before the pandemic,”
This is still pretty much the case in Tampa too, property values are so inflated from 2021 and 2022 that a 5% drop really just shows the market leveling off.
But the home insurance market is a sword of Damocles hanging over the state, and Desantis is too busy campaigning against universally popular ballot measures to do anything about it (and has found other culture war bullshit to distract himself from it for years now).
The solution is obviously to ban talking about climate change.
Don't be so naive. The real soluton is obviously hopes and prayers.
Home prices do tend to plummet when all the still-standing homes have severe damage from the two massive hurricanes that just went through.
And when people say “Fuck this, I’m getting out of Florida.”
This Yahoo Finance article is a dumb clickbait take on this realtor.com report. Probably better to go straight to the source material
Texas has 4 of the top 10 cities where cops run away and hide from mass shooters.
Dropping house prices won't help in a state where disaster insurance becomes unaffordable. Not having an insurance is not an option, either.
It's almost like we just had a wombo combo of hurricanes.