7 Florida Cities You Can Help With a Housing Crisis
Florida seems to be the state where people flock to, never leave, because of its great beaches, temperate climate, and other excellent attractions. But even Florida is beginning to feel the effects. market forcesThese are driving up home prices and driving out people by raising mortgage rates. The list of Florida cities that are on the list is showing alarming signs that could point towards a housing crisis.
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GOBankingRates examined the 200 largest cities in Florida to determine which cities are most at risk. They also looked at key factors like the percentage of mortgages that have been past due for between 30 and 90 days and the homeowner and renter vacancy rate. The data was compiled from RealtyTrac, the Consumer Protection Bureau and the Consumer Financial Protection Bureau. Here are seven most likely to end up with a housing crisis.
7. Pembroke Pines (Florida)
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6. Hollywood, Florida
5. Jacksonville, Florida
4. Miami, Florida
3. Gainesville, Florida
2. Fort Lauderdale, Florida
1. Orlando, Florida
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Methodology: GOBankingRates analyzed the 200 largest Florida cities in terms their total housing units. They used the following factors to identify the cities most likely to face a housing crisis: (1) Percent of mortgages that are 30-89 days late as sourced by the Consumer Financial Protection Bureau; (2) Percent of mortgages that are 90 days or more late as sourced by the Consumer Protection Bureau; (3) The 2020 American Community Survey’s homeowner vacancy rate; and (4) The 2020 American Community Survey’s rental vacancy rate. These four factors were scored together and the highest score indicated the city most likely facing a housing crisis. Factors (1) and 2 were weighted by 2x, and factor 4 was weighted by 0.5x. The 100 most vulnerable cities to a housing crisis were then moved on to the next round. These 100 cities were then reranked and scored on all four factors as well as the (5) foreclosure rate, as sourced by RealtyTrac. These five factors were combined to score the cities most likely to face a housing crisis. Factors (1) and (2) were each weighted 2x. Factor (4) was 0.5x and factor (5) 1.5x. GOBankingRates selected the 10 Florida cities that scored the highest in final rankings. All data was up-to-date as of May 23, 2022, and final rankings were created on November 8, 2022.
This article was originally published on GOBankingRates.com: 7 Florida Cities That Could Be Headed For a Housing Crisis