The state of Florida has seen tremendous growth since the financial crisis of 2008, most notably in the real estate housing section of its economy. The Sunshine State, which has since outpaced the other 49 sectors, continues to rebound faster than many had anticipated. The positive economic markers indicate that now is the prime time to purchase luxury waterfront homes in Florida.
According to Freddie Mac’s Multi-Indicator Market Index (MiMi), Florida tops the nation in month-over-month increase, and year-over-year increase as well. The recorded scores from the latest study clocked in at 2 percent and 14.35 percent, respectively. The state has also seen a monumental 6.1 percent increase over the previous three months, which is mostly due to the 10.63 percent increase to the Payment-to-Income indicator over this time.
Florida growth likely to continue
While the Florida real estate sector is experiencing financial success, so are many of its residents.The bump in housing can be attributed to more Florida residents becoming current on their mortgage payments, which is directly tied to the rise in employment throughout the state.
Though the present mortgage situation in the state is far more stable than it was in the past, Florida possesses a Current on Mortgage percentage of just 63.3 percent. This pales in comparison to the nation average of 83.2 percent.
However, its payment-to-income percentage of 92.6 percent is astounding when compared to the United States average of 72.4 percent.This statistic should instill optimism in those hoping for the continued prosperity of the Florida housing market.
All MiMi indicators for the Sunshine State are currently heading in the right direction, ergo now is an ideal t time to enter Florida’s real estate market. If you have any questions about luxury waterfront homes in the Palm Beaches, or would like to hear about everything that a sought after piece of Palm Beach Island real estate can offer you, Jack Elkins would love to meet.