The South Florida housing market is growing too much
The tri-county area of Miami-Dade, Broward and Palm Beach is climbing up the list of the nation's most overvalued housing markets, according to South Florida researchers.
Real estate economist Ken Johnson of Florida Atlantic University's College of Business said buyers are currently paying a premium of nearly 39% for typical properties in the South Florida area.
That places Southeast Florida as the 11th most undervalued region in the entire country and experts say that's not likely to change anytime soon.
“What this means in terms of affordability is unfortunately a prolonged period of unaffordable housing until incomes rise to a level where it is more affordable,” Johnson said.
The joint report by FAU and Florida International University found that, overall, the Sunshine State contains nine of the 15 highest-rated and steadily rising metro areas in the country.
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