Zach Janik, a Florida resident, faces an affordability crisis in St. Augustine due to skyrocketing housing prices, worsened by an influx of new residents during the COVID-19 pandemic. The once idyllic town has turned into a congested area, leaving locals like Janik unable to afford better housing despite their long-standing ties. The broader Florida market reflects this trend, with a significant drop in net migration and homeowners struggling to sell properties. Moreover, these challenges are replicating in other regions, highlighting a national trend of weakened housing markets amid rising mortgage rates.
An undisputed winner of the pandemic relocation boom, the Sunshine State lured millions of movers with its siren song of beaches, balmy weather, and absence of a state income tax.
Now it's nursing a hangover. Residents across the state are experiencing an affordability crisis, hurricane-fueled insurance nightmares, and eye-watering property tax bills.
Collection
[
|
...
]