Florida's housing crisis worsens, with median home prices at $393,500 and rents in Miami soaring by 42% since 2020. Many residents are spending a staggering 35-45% of their income on housing. The state's population surged by nearly 2.76 million newcomers, many with high incomes, which has contributed to economic growth but increased inequality. With property insurance premiums skyrocketing and major insurers withdrawing, the affordability of living in Florida is in jeopardy, prompting concerns about funding for vital public services.
The last 25 years have seen home prices, homeowners' insurance, and property taxes surge in Florida, making housing increasingly unaffordable for residents.
When you add in the unflagging migration that is straining public services and inflated costs across the board, many households are finding it increasingly difficult to stay in the state.
The influx of high-income residents has fueled economic growth but deepened inequality, raising questions about funding essential services.
Florida's property insurance crisis has reached catastrophic levels with average annual premiums jumping 60% since 2019.
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