Florida's Housing Market Softens as Climate-Related Costs Mount
By and Prashant Gopal
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Florida real estate prices are in decline again — and this time, real estate experts say, the costs of living with climate change may deepen the down phase of the usual boom-and-bust cycle. Sky-high insurance rates and condo fees, stemming in part from extreme weather, are weighing more heavily against the benefits of year-round sunshine and zero income tax, complicating an already tough situation with borrowing costs.
The climate cost burden on state homeowners isn't likely to ease soon. 'This is a non-cyclical phenomenon,' said Jesse Keenan, a real estate professor at Tulane University who focuses on climate adaptation. 'This is resetting the baseline values of housing in Florida.'
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