Housing costs are growing in some areas of the country. For example, cities like San Diego, Sillicon Valley, and Washington D.C. are seeing that high housing costs in their areas are causing people to move. Instead, according to RIS media, census data shows that people are moving to areas of the country where housing costs are lower. These places include, Las Vegas, Pheonix, and parts of Florida. Overall, a major effect of housing costs in the US has been a population shift, because housing costs is the biggest factor taken into consideration when someone moves.
“Available and affordable housing may be the new piece in the continued gains in the Sun Belt counties,” says William Frey, a demographer at the Brookings Institution. “The housing market is motivating some of the growth in Nevada as well as Florida, and maybe for Arizona too.”
According to RIS Media, Florida dominates the list where population growth increased the most last year. They wrote that in 20 counties across Florida, at least 1,000 people were added to the population. Julie Harrington, director of the Center for Economic Forecasting and Analysis at Florida State University, said in the RIS Media article that many of these moves were due to cost-consciousness. The article noted how Florida is coming back strongly from the recession.
This effect of housing costs affects renters, too. Moving due to high housing costs can also make sense for them. While cities in California, San Francisco, San Jose and Oakland see three-bedroom rent costs at about $3,000, Cocoa Beach rent for a three-bedroom is around $1,300. While overall, the Sun Belt (Florida included) are relatively inexpensive and a smart financial move, prices are being pushed up by demand.
That being said, take advantage of today’s low prices on real estate in Miami, and contact RE/MAX Paradise today!