Wanna Buy A Home In Florida You Need To Earn 74% More. Say it with me. Ouch! The entire county has gone nuts when it comes to buying a home. And no one is more nuts than we are in the great state of FLA. The average income needed to buy this year is up 46% over last year. But, yea, the folks at Redfin say in Florida closer to 74%. What that means, for example: In Northport you could buy a home if your income was around $75,ooo to $76,000 a year in 2021. Crank that up about 74% and you could need an income closer to $131,000 today.
In Tampa those income numbers were $62,615, now up to $101,682. Did you get a 62% raise this year? Me either. Rats. as a Real Estate Broker for over 20 years, I can tell you to stay in faith. These cycles are crazy, but tend to come around on average every 7 to 11 years. Meaning, it will get better, and it looks like the changes have already started. Homes like I (and other agents) were selling in just a day a year ago are now sitting, waiting on a buyer. The market, AKA prices will respond. So will the mortgage industry with new products. They always do. NewsChannel8