Inflation is slowing and job growth is increasing, but Americans still face the burden of expensive housing due to high demand, low inventory, and mortgage rates. Home prices in the U.S. rose 5.5% in December 2023 and are projected to increase 2.8% by December 2024.
In December, Miami-Dade county had over 22,000 available listings, a 19% increase from 2019, while Broward County saw a 71% increase, with over 17,700 listings. Southeast Florida has embraced short-term rentals more than any other market.
Jennifer McKeown-Putney, who moved to Pensacola in 2021, a Florida city known for its history and European settlement, decided to return. Pensacola, located on the western edge of the Florida panhandle, is home to Escambia and Santa Rosa counties, Pensacola Beach community, and Gulf Breeze, which have frontage on the bay, Santa Rosa Sound, and Gulf of Mexico.
Over the past couple of years, thousands of buyers from "up north" have purchased houses and condos in Florida with various ideas about how to use the property. Some intend to relocate here full-time, some want to be seasonal residents until they eventually become full-time residents, and some want to own property they can offer visitors and snowbirds for short-term rental. Property owners must have accurate information about the difference between second homes and investment properties.
