My brother and I were talking. We grew up in Orlando. We were looking at Zillow at prices from our old house and my granddad’s house. They were nice little houses back then. But…they didn’t cost anything close to this:
When it comes to housing Florida is a little higher than the US average, but is offset by things like no income tax, lower property taxes and other things. The average home price in the US has gone up $110,000 over the last 3 years.
Also a lot of real estate has been stagnant over the last decade or has gone up a few percent a year. It’s supply and demand, a lot of people want to move to Florida and not so many to South Bend Indiana.
You stole my point about Detroit, but that’s OK. As an example, this is the house I grew up in, ages 3-21, a 760 sq/ft 2 bed one bath with basement, built by my parents for $9,600 in 1950 and sold by them in 1990 (their sale was in $35K range). This pic was taken in 2019.
There was a time when most retired people who moved to Florida did so because it was less expensive than where they raised their family and they were also looking to downsize. During the last decade there has been a trend for empty nesters to buy homes that are larger than the home where they raised a family so they have adequate room for out of town guests.
That’s true, but apparently with all the rising home values and growth in Florida, many insurance companies are pulling out of the state. Allstate and State Farm are two of the largest insurers in the country but they are not selling new policies. If you try to get an online quote from any of the “well known” insurance companies, you get a message that it’s not available there. So you are limited to smaller companies that can only spread costs so far…so what is there is going up.
That’s true, a guy I used to work with moved to Colorado years ago and he had a problem with bears. I know a ton of people that have moved the Florida over the last few years and so far none of them regret it.