South Florida Residents Flee for the North

Last year, the South Florida real estate market was considered strong. Recently, however, there has been an exodus of citizens pulling up roots from the area. One might describe it as undergoing a paradise lost scenario, as more and more individuals are looking for a way out.

Those dissastisfied with the status of their Florida home loan cite the following reasons:

1. Soaring taxes
2. Skyrocketing insurance premiums
3. Heavy traffic
4. Sky-high housing prices

Consequently, many South Florida residents are calling it quits and heading north. Several moving companies and U-Haul outlets reported for the first time in decades they’re seeing more traffic northbound than southbound. Researchers point out the shift is causing South Florida to lose its middle class.

South Florida’s rental apartment market is rapidly becoming non-existent. Thousands of rentals converted to condos in Palm Beach County have wiped out the rental market, which now is on par with affordable housing, another major issue in South Florida.

Experts predict the Boca and Florida housing market will rebound when investors and speculators are forced to put unsold conversions back to the rental market. This should lead to more affordable Florida home loans and the decreasing of home prices.