"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."
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.
Read at Business Insider
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