Florida is collapsing. Insurance premiums spike 100%. Properties going into default.

Florida homeowners are struggling with massive spikes in insurance cost. Especially in a housing market like Miami.

The average cost of property insurance in Florida is now over $11,000/year. Which is causing many homeowners to be forced to sell their properties. As a result - homes for sale on the Florida housing market is rising fast in 2024, particularly in metros like Miami, Tampa, and Orlando.

Another issue plaguing Florida is overbuilding. Apartment developers went crazy permitting new luxury apartments during the pandemic, and now there is a big spike in vacant deliveries into Miami's apartment market. Many of the luxury apartments are sitting empty and some are cutting rent.
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[ReventureConsulting]

Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%.

The crisis will only get worse. Inventory will keep hitting the market.

The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app

[HodgeChris]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[CameronFussner]

Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[Jersderakerguoe]

To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[frankrusso]

Forced to sell a home is bad but what's worse is when your forced to sell and no one is buying.

[steven]

Florida- New York prices, West Virginia wages.

[papiguaro]

Born and raised in Miami. Make 70k annually and I had to leave because it was too expensive. Very depressing

[paulmary-xqmt]

Big problem is that when buyers go to the closing table they need to have homeowners with most mortgage lenders. So this crisis is hitting home owners and home buyers from both sides.

[gjsthreefoursevinoneone]

Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.

[danielsnook]

I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!😡

[rickd]

Bought my house in The Netherlands in 1990 for 60.000 Dollars (converted currency).
I sold my house in 2010 for 200.000 Dollars.
In 2020 the house was listed for 300.000 Dollars.
In 2024 that same house is sold for 450.000 Dollars. It's just mental.

[palebiss]

For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.

[liferealgood]

I moved to Tampa back in 2021. The prices are insane throughout most of Florida. My rent went up $400 in one year. I am so ready to move.

[glebb]

Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT 👉🏾

[stargazer]

Crushed by: home insurance, property tax, HOA FEES and assessments.

[lifeofreilly]

I'm a native New Yorker and grew up in Brooklyn the first part of my childhood. My parents moved to Florida in the late 70's to escape the cold winters of NY. Back then it was super affordable to live in Miami. They bought a modest 3 bedroom, 2 bath home for $55, 000 in a community where the homes were built in the 1950's. Those homes were built like tanks. Property taxes were low, homeowners insurance was very affordable and the cost of living was much lower. I returned to NY in the mid 80's to go to college in NYC and I've been living here ever since. I had planned on going back to Miami at some point since my family was still living there. But I met my husband and I remained in NY and built my career here. My parents have since passed away and my brother and I inherited their home. My brother wants to stay with the house since there is no mortgage and he needs a place to live. Unfortunately, he can only afford fire and liability insurance because hurricane insurance is too expensive. And even without hurricane insurance, the other policies are still expensive. Also, property taxes have gone up but it's cheaper for my brother to stay in our parent's home than to pay rent. I love Florida and go down often because of my brother and I still have a lot of relatives and friends down there. But it's becoming increasingly difficult for them to live there with the high cost of living especially since a lot of my family have lived there for 40 plus years. A lot of them are now headed to their retirement years and will be forced to sell their homes they've had for decades and move out of state. I already have relatives that have moved to other states where the cost of living is a lot less expensive. I know that the cost of living is going up everywhere but it's sad that Florida has come to this. I have many special memories of growing up there during the latter part of my childhood. Unfortunately, south Florida, like many other large cities in the country are becoming places only the wealthy can afford to live. It's hard for those on a fixed income. Florida is a beautiful state. But my heart goes out to those that will no longer be able to afford to live there and will have to sell their homes after years of ownership.

[als]

I sold my condo on the beach in Naples back in 2021. I was paying $1, 150 a year for homeowners insurance policy. The present owners are now paying $6, 100 in 2024.

[MaryLawson]

The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth

[CarsandCats]

One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.

[Jimfundercover]

Why would you build an apartment building with an apartment cost of $3K when the medium household income is $70K? Who were they catering to?