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Posted on: July 10, 2023 at 12:52:10 CT
Spanky KU
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People are fleeing Dem places and driving up the cost of housing.....
"...In Florida, the state’s growing population has been pushing up inflation — particularly via housing costs. It’s a trend that accelerated during the pandemic, when remote work gave some Americans the freedom to relocate, economists say.
“A lot of people are still coming to Florida because the economy is really strong, and many like the fact that we don’t have an income tax like in New York, for example,” said Amanda Phalin, an economist at the University of Florida. “And in places like Miami, we’re seeing a lot of real estate demand from non-Floridians or non-American investors — generally wealthy folks who want to have a nice home here.”
Florida’s population grew the most of any state from July 2021 to July 2022 because of domestic migration, according to the Census Bureau’s latest estimates. During that same period, Florida also had the fastest population growth by percentage, the first time it has notched that top spot since 1957.
Housing costs account for almost a third of the Labor Department’s Consumer Price Index, and population gains heavily influence that component. An influx of residents boosts demand in a local economy across the board — for transportation, services and housing. That has pushed up inflation rates.
Rising interest rates, limited housing stock in cities such as Miami, and more expensive property insurance have also pushed up housing costs, Phalin said.
“Both the rental and purchasing markets are seeing upward pressures on prices from all these factors,” Phalin said. She added that there’s a shortage of available rental units because “a lot of homes are converting themselves into Airbnbs and some homeowner associations prohibit people from renting out their homes.”
That has all resulted in a growing affordability issue for residents who have lived in cities such as Miami and Tampa Bay for decades or their entire lives...."