Florida is losing its affordability advantage after attracting a rush of newcomers

A stampede of Northeasters in search of sun and cheaper living sent Florida’s real estate market into a frenzy during the pandemic. Manic demand is finally starting to wane.

Florida single-family home prices have plateaued for the first time since 2011, after rising nearly 50% in the past three years. Inbound movements are slowing. And skyrocketing mortgage rates and insurance premiums have eroded one of the Sunshine State’s most attractive attributes: affordability.