Middle Class squeezed out of housing in Florida

  1. The real estate market is insane here. Prices rose 20% last year. My home is now valued at $90,000.00 more than what we paid for it four years ago. But if we sell to take the profit, we wouldn't be able to afford another one.

    http://www.sptimes.com/2005/10/02/Ta...rices_sq.shtml
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  2. 42 Comments

  3. by   Roy Fokker
    And to think ya guys were slammed with what - 5 hurricanes last year?

    Hey, where there's risk, there there's a market
  4. by   Tweety
    Really Roy, it doesn't make sense. It makes sense that the market should go up because of supply and demand, as we've always been a growing state, but this is too insane.

    They are building condos all over, literally thousands of them, priced at 500,000 to a million. A coworker just bought a dump for $200,000.00 Crazy.
  5. by   UM Review RN
    Sad, but true. Cost-of-living here is higher than the PR people like to brag, but wages are dismal for most people.

    What's worse is, nurses are among the higher-paid professions. I cannot imagine what kind of lifestyle the clerk at the Hess station has at less than 1/3 my salary and absolutely no chance of overtime. What kind of chance do their families have to own a home?

    The American Dream is getting further and further out of reach for the average Joe.
  6. by   Jessy_RN
    Yeah, seems like you are stuck. Unless you sell and move to another state.
  7. by   Ted
    The same is true for upstate New York. People who purchased homes 15 or 20 years ago in the county where I live can expect around 75%+ "profit", easily. They can expect much more if there is high acres of land involved!!! But if these people grew up in this county like I did, they can't afford to purchase another home here.

    We live about 130 miles north of New York City. Since 9/11, real estate has sky-rocketed!!! Not only are there "week-enders" from NYC, but there are lots of "second home owners" from Long Island buying land and homes up here at an accelerated rate.

    We sold our home for over $50,000 more than what we paid for it back in 1992. Only because Amy is working as an RN (we are "D.I.N.K.'ers") are we able to afford our brand-new "spec home" on 5.5 acres for well over $350,000. This same home on 5.5 acres of land would have cost roughly $125,000 around 7 years ago. 15+ years ago, it would have cost under $100,000.

    The sad part is that income has not kept up with the inflated home and land prices. Many people I know who graduated with me from high school 27+ years ago ("natives" of this county) can't afford to purchase property in our school district if they don't already own land here. This is most true for long-time farm families.

    And do you want to buy a condo in Manhattan?? Well, expect to pay around $300,000+ for a studio. $500,000 to $750,000+ one room condo's are typical, there (if you can find one for sale!). This is why people from NYC see a home up here on 5+ acres of land and think nothing to paying $350,000. And this is now the LOWER end of housing here!!!
    Last edit by Ted on Oct 3, '05
  8. by   lisamc1RN
    I was just discussing this with a friend of mine. She just moved from Florida to North Carolina. They sold their tiny home in Florida for a huge profit and bought a house twice as big and nice in North Carolina. Yay for them! I know that not everyone can do that, though.
  9. by   SmilingBluEyes
    the middle class is being squeezed out economically in every way, not just housing.Just think about medical care. I know many working middle to lower class who have ZERO insurance, no assistance from government sources (not on welfare/medicaid) but none affordable or offered where they work. The middle class IS shrinking period.
  10. by   Roy Fokker
    Ahhh but my dear Ted! Why would most people want to buy property here in Upstate Western NY?

    I know a few of us here are from the area and we ALL know how upstate NY's been doing for the last decade in terms of economy....
  11. by   Ted
    Quote from Roy Fokker
    Ahhh but my dear Ted! Why would most people want to buy property here in Upstate Western NY?
    Roy, people from THAT part of the state are moving to Florida. . . .

    (or Arizona or almost ANYWHERE where there's less snow. . . )

  12. by   Roy Fokker
    Ain't just the snow Ted. That's the sad part

    This used to be a vibrant, booming city. People say the trouble began with Bethlehelm Steel.

    I think the trouble began with it - but has stayed on because some people refuse to change with change...

    For all the schtick we get about snow - it's a lot safer than living in hurricanes and tornadoes!
  13. by   SmilingBluEyes
    AND paying for it, trust me, Ted!
  14. by   Ted
    Quote from Roy Fokker
    This used to be a vibrant, booming city. People say the trouble began with Bethlehelm Steel.

    I think the trouble began with it - but has stayed on because some people refuse to change with change...
    I believe you. A lot of cities (big and snow) lost out when their economy depended on just one big industrial economy. I am not an economic expert, but I've been told that that is the reason why cities who are dependant on one economic source are very vulnerable. All it takes is for that economic source to "move away" to economically damage that area.


    Quote from SmilingBluEyes
    AND paying for it, trust me, Ted!
    The people moving away are "paying for it" in terms of inflated house/land prices. The northern cities left behind are "paying for it" in terms of decreased census and lost revenue.

    I hold no answers to this interesting and complex problem. Can't force a family to stay where they do not want to stay. For many, they got to go where the work exists. And for others, they have to go where they don't get 2+ freakin' feet of snow! (Apologies, Roy. . . :icon_hug: )
    Last edit by Ted on Oct 3, '05

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