Florida Home Ownership Declining
St Petersburg, FL (RE/MAX Metro)
By Gary Smith
It’s hard to imagine in a city like St Petersburg that home ownership is declining in some parts of the state of Florida. We’re building condo projects all over downtown (see attached) as well as apartment buildings in bunches. Rentals are going up for the millennials who’d rather rent, not own a car, and walk to work and play in all the clubs and restaurants this city has to offer.
We’re exploding here but Florida’s declining in homeowner numbers despite historically low interest rates, fair prices and decent inventory. What used to be the ‘American Dream’ of owning your own home, building equity and cashing in down the road as your kids move out and you slow down is declining.
Photo by Gary Smith
Truth is, owning a home, with maintenance, taxes, flood and homeowners insurance added to the threat of another housing crash, (or heaven forbid, a hurricane) is keeping many Floridians in limbo, and driving rent costs up.
A large number of folks caught in the last bubble that escaped by short sale or foreclosure will be hampered by low credit scores for years to come, taking them off the buyers market and forcing them into rentals, lowering the number of owners yet again.
Photo by Gary Smith
So as the population continues to grow in the Sunshine State (last winter’s brutal assault on folks in the midwest and northeast had something to do with it), homeownership is at it’s lowest level in 30 years here.
This while Florida’s population just surpassed New York’s for goodness sake.
In wrapping up this brief glimpse of homeownership decline, please know St Pete is booming with growth, new downtown construction and the high end hospitality industries adding flavor and options to our residents.
Visit soon and let me help you find your dream home!
Home Ownership Declining from Tampa Bay Times
Florida More Populous that New York from the Orlando Sentinel
High Rises Breaking Ground in Downtown St Pete from the Tampa Bay Business Journal