Limited inventory during the pandemic pushed home prices up. Although inflation can be blamed for the increase in rental and mortgage costs, the price increases also boosted national inflation levels.
Rent in metropolitan areas like Miami, Tampa, and Fort Myers has drastically increased since 2020. Part of the price changes may be due to the rise of remote work, which made some cities popular with those unattached to an office or looking for an enjoyable place to live.
However, as Florida does, in some parts of the Sunshine State, wages are rising faster than rent. Hillsborough County, home to Tampa, has wages rising faster than almost two-thirds of the other counties.
Source: ATTOM Data – Florida Tax Watch
Mortgage Rates Trend Down
Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.
