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Yahoo
7 days ago
- Business
- Yahoo
9 Cities in Florida Where Renting Is Now More Expensive Than Owning
Florida, with its balmy weather, expansive beaches and laid-back communities, continues to attract new residents every year. In the fourth quarter of 2024, closed sales of existing single-family homes totaled 56,496, up 1.1% compared to the previous-year figure, according to Florida Realtors. Still, home prices in Florida are, overall, cooling. The average Florida home value is $389,400, down 3.2% over the past year. Does this mean now is the time to buy your Florida dream home? Find Out: Read Next: You'll need a lot of research and personal financial guidance to answer that question. One big thing you'll want to consider is how much rents average in your desired city. How do they compare to average monthly mortgage costs in the area? To help show where renting is much costlier, GOBankingRates analyzed the average cost of rent and mortgages in different cities. These are the nine spots in Florida where rents currently cost more than mortgages. Average value of single-family home: $290,046 Average monthly mortgage cost: $1,517 Average monthly rent: $2,067 How much more rent costs than mortgage, annually: $6,599 Check Out: Average value of single-family home: $233,845 Average monthly mortgage cost: $1,223 Average monthly rent: $1,791 How much more rent costs than mortgage, annually: $6,812 Average value of single-family home: $394,070 Average monthly mortgage cost: $2,062 Average monthly rent: $2,633 How much more rent costs than mortgage, annually: $6,852 Average value of single-family home: $300,252 Average monthly mortgage cost: $1,571 Average monthly rent: $2,210 How much more rent costs than mortgage, annually: $7,668 Average value of single-family home: $368,694 Average monthly mortgage cost: $1,929 Average monthly rent: $2,629 How much more rent costs than mortgage, annually: $8,404 Average value of single-family home: $381,289 Average monthly mortgage cost: $1,995 Average monthly rent: $2,717 How much more rent costs than mortgage, annually: $8,662 Average value of single-family home: $298,288 Average monthly mortgage cost: $1,560 Average monthly rent: $2,290 How much more rent costs than mortgage, annually: $8,754 Average value of single-family home: $325,771 Average monthly mortgage cost: $1,704 Average monthly rent: $2,569 How much more rent costs than mortgage, annually: $10,380 Average value of single-family home: $210,248 Average monthly mortgage cost: $1,100 Average monthly rent: $2,079 How much more rent costs than mortgage, annually: $11,751 Methodology: For this study, GOBankingRates analyzed the average cost of rent and mortgages to find places where rent is more expensive. Using Zillow Research Data's Zillow Home Value Index and Zillow Observed Rental Index the average single-family home value and average rental cost per month can be sourced. By assuming a 20% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The difference in rent and mortgage was calculated and the top 100 places with a cheaper rent than mortgage were kept for this study. The livability index was sourced from AreaVibes and included as supplemental information. The total population, population ages 65 and over, total households, and household median income were all sourced from the U.S. Census American Community Survey and included as supplemental information. To be qualified for this study, all places had to have all data sources available. All data was collected on and is up to date as of April 21, 2025. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 9 Cities in Florida Where Renting Is Now More Expensive Than Owning Sign in to access your portfolio
Yahoo
07-05-2025
- Business
- Yahoo
Gov. DeSantis vows veto: 'Florida last' tax cuts 'dead on arrival,' he says
Gov. Ron DeSantis said May 7 he would veto a proposed cut to the state sales tax, claiming it would jeopardize his push for cuts to property taxes. 'Any 'Florida last' tax package is going to be dead on arrival,' he told reporters at an event in Tampa. 'We are not going to kneecap our ability to provide you property tax relief just so we can give a little bit of a benefit to Canadian tourists. That is not going to happen, so you can take that to the bank.' The veto threat could upend what was called a 'framework' for a budget deal agreed to by House and Senate leaders, who failed to reach an agreement during the 60-day regular session that ended May 2. Lawmakers are set to return to Tallahassee May 12 to hammer out the details on a likely $115 billion budget. But the framework includes a $1.6 billion cut to the state sales tax, lowering it from 6% to 5.75%. The total tax cut package would come to $2.8 billion, but what it will include is yet to be determined. Florida Gov. Ron DeSantis (left), House Speaker Daniel Perez. DeSantis has been feuding with House Speaker Daniel Perez, R-Miami, since the start of the year on several issues, including tax cuts. While Perez originally pushed for a 0.75% cut to the sales tax, saving consumers about $5 billion, DeSantis has insisted on a property tax cut. In a statement responding to DeSantis' remarks, Perez said lawmakers could cut the sales tax and property taxes and rejected the Governor's framing of the issue. 'I'm concerned about how confused the governor seems to be. He is threatening to veto the largest state tax cut in history, and his excuse is that it limits our ability to cut local property taxes? That's bizarre," Perez said. "We can cut the sales tax by the largest amount in the history of our country and place a ballot initiative on property taxes on the 2026 ballot. This isn't about whether we can do both – it's about whether we will." After floating the idea of eliminating property taxes completely, but without a concrete plan to do so, DeSantis unveiled a proposal on March 31 at a conference with Florida Realtors in Orlando to provide up to $1,000 for homestead property owners. Under that plan, the state would pay for the portion of property taxes that go to K-12 public schools, backfilling it with state money and giving homestead owners a rebate. That would allow homeowners to get the rebate later this year, which would be faster than the normal route of property tax cuts, where the Legislature puts a measure on the ballot in 2026 and, if voters approve, homeowners would see the cuts in 2027. More: The winners and losers (so far) of the 2025 Florida legislative session But neither the House or the Senate included that plan in its budget, and it doesn't appear it will be part of talks between chambers next week. Perez panned that plan in his statement, likening it to a proposal Democratic California Gov. Gavin Newsom would support: "I give the governor credit for starting this debate, but he's had months to produce an actual plan to lower property tax rates, and we're still waiting. An imaginary plan can't cut real taxes." "The Governor's team would like to respond that they do have a plan: send $1,000 checks from the state treasury as a fake refund for local property taxes. In fairness, it is consistent with the governor's record. He likes these Newsom-style 'free' money giveaways. Giving away $1,000 checks in a way that doesn't actually lower property taxes isn't a Band-Aid much less a solution," Perez added. The House advanced an alternative plan to use tourist development taxes to backfill a cut in property taxes next year, but the Senate is unlikely to accept that proposal as it also includes eliminating tourist development councils, which the tourist industry argues are needed to keep people flocking to the state. The lack of action on property taxes has angered DeSantis, who dubbed Perez's chamber the 'House of Pettiness' at one point in the session. DeSantis has emphasized that his property tax proposal would benefit Florida residents more, as opposed to a sales tax cut which he says would disproportionately help tourists. In the 2021-22 budget year, state economists estimated that households paid 66% of sales taxes, with tourists paying 16% and businesses paying 18%. That was at a time when tourism was still rebounding from the COVID-19 pandemic doldrums. DeSantis also claimed a sales tax cut would be used by House leaders to claim there isn't enough revenue to pass property tax cuts. 'We're going in a tangent that is not going to help people in any meaningful way that are Florida residents but will put the final nail in the coffin of any hope to do property tax relief,' he said. Perez, though, is standing by his sales tax cut. "The House has negotiated a tax package that will put $30 billion back into the economy over the next ten years," Perez said. "If the Governor wants to veto that, he's welcome to explain to the voters why he thinks they do not deserve actual and meaningful tax relief. Maybe the truth is he just wants to spend all of it and be the only one who decides how.' (This story was updated to add new information.) Gray Rohrer is a reporter with the USA TODAY Network-Florida Capital Bureau. He can be reached at grohrer@ Follow him on X: @GrayRohrer. This article originally appeared on Tallahassee Democrat: Budget battle erupts: DeSantis torpedoes tax deal with veto threat
New York Post
22-04-2025
- Business
- New York Post
Why Florida condo owners are scrambling to sell — and why it's overwhelming the market
A wave of financial strain is sweeping through Florida's condominium market, pushing owners to the breaking point and flooding the area with for-sale signs. Skyrocketing insurance premiums, unexpected repair assessments and restrictive lending practices have turned the dream of coastal living into a costly burden for many, particularly in older buildings, according to the Wall Street Journal. As prices slide and sales stall, the state's once-booming condo sector faces a deepening crisis. Rob and Karen Dickson, retirees who relocated from upstate New York to a gated Punta Gorda community in 2021, embody the struggle. 6 Florida's condo market is in crisis as skyrocketing ownership costs, driven by doubled insurance rates, hefty special assessments, and soaring HOA fees, have pushed many owners to sell. Christopher Sadowski They purchased their third-floor condo, complete with a golf course view, for $319,000, according to the Journal. 'It was wildly affordable,' Rob told the outlet in an interview, recalling leisurely days of golf, clubhouse lunches and poolside relaxation. But the idyll didn't last. Within two years, a hurricane doubled their insurance costs, and a $7,200 special assessment for building upgrades hit, partially offset by $2,000 from insurance. Monthly homeowners' association fees jumped 25% to nearly $800, then climbed to $1,000. Unable to keep up and missing their grandchildren, they listed the condo last summer, competing against 43 other units in their community. 6 After enjoying their Punta Gorda condo purchased for $319,000 in 2021, the couple faced a $7,200 assessment and HOA fees rising to $1,000 monthly, forcing them to sell at a loss and leave Florida. Christopher Sadowski They accepted an offer $20,000 below asking and returned to New York. 'Florida is actually paradise,' Rob said. 'It was superb, but things changed.' The Dicksons' story is far from unique. Across Florida, condo ownership costs have surged, driven by a trifecta of rising insurance rates, mandatory repair assessments and scarce financing options. The fallout has triggered a sell-off, depressing prices and overwhelming the market. While South Florida's newer condos continue to appreciate — Miami-Dade County saw an 8% median price increase in February from a year earlier, fueled by corporate relocations — older properties are in free fall. 6 Statewide, condo prices have dropped 1% to 6% monthly since July 2024, with older buildings hit hardest, depreciating 22% in two years due to new structural regulations post the 2021 Surfside collapse. – Statewide, condo prices have declined 1% to 6% annually each month since July 2024, with a 3% drop in February, according to Florida Realtors. Buildings over 30 years old have seen values plummet 22% in the past two years, per ISG World, a South Florida real-estate firm, while newer condos have gained 12% over the past decade. The collapse in older condo values stems largely from stringent new regulations enacted after the 2021 Surfside condo collapse that killed 98 people. These rules, requiring structural inspections and reserve funds for repairs, had a compliance deadline of December 2024. Yet, fewer than 25% of Florida's condo associations have reported meeting the standards, according to the Department of Business and Professional Regulation. 6 Compliance is low, and financing is tight, with lenders hesitant and more than 1,400 condos on Fannie Mae's blacklist, exacerbating the selloff. Christopher Sadowski With Florida housing 20% of US condos — over half of which are at least 30 years old, per the UF Bergstrom Center for Real Estate Studies — the regulatory burden is reshaping the market. 'If these buildings are subject to reserve requirements, buyers want to make sure they're getting into a situation where the condos have their act together,' Brad O'Connor, chief economist at Florida Realtors, told the Journal. 'Whether it's the lenders or the buyers themselves, we've seen a slowdown in condo demands.' Financing woes are compounding the problem. Lenders are increasingly wary of condos, particularly those undergoing structural repairs. 'They won't want to finance anything until the repairs are done,' Anibal Torres, a mortgage lender with CMG Financial, added. 6 Gov. Ron DeSantis has acknowledged the issue, signaling potential relief efforts as the market strains under these pressures. oldmn – More than 1,400 Florida condos are on Fannie Mae's 'blacklist,' flagged for insufficient insurance or critical repair needs, making mortgages nearly impossible to secure. Florida leads the nation in blacklisted condos, further chilling sales. Jake Harrington, president of a 17-year-old condo board in Boynton Beach, is grappling with the consequences. His building's $7 million facade renovation, averaging $15,000 per unit, was meant to enhance value. Instead, a clerical error on a form — suggesting the property partly functioned as a hotel — landed it on Fannie Mae's blacklist, derailing sales. 'This is going to be a beautiful property restored beyond its original state after we get off this project, except we're on the blacklist for a typo,' Harrington told the Journal. 'It's just frustrating.' 6 A general view of a condo with for sale signs next to each other in Indian Rocks Beach, Florida. Christopher Sadowski The crisis has caught the attention of state leaders. At a Miami community center, Gov. Ron DeSantis acknowledged the market's distress. 'We've got a problem with our condo market right now,' he said. 'We have a problem that was introduced by legislation that was passed in recent years.' While he signaled potential relief, no concrete measures have emerged.
Yahoo
06-04-2025
- Business
- Yahoo
Gov. DeSantis dismisses reports of Canadians not visiting Florida
Gov. Ron DeSantis continues to dismiss reports that Canadians will stay away from Florida as a backlash to President Donald Trump's tariffs and threats to annex Canada. During an appearance Monday at the Florida Realtors organization in Orlando, DeSantis recounted a recent trip with his family to Legoland in Winter Haven as he tried to dispel the notion that Canadians were scaling back vacation plans. 'I'm with my kids, you know, we were down at spring break, and we're at Legoland, and all these people are coming up to me for pictures, which is fine. I normally do that. And I'd say, like, 80 percent of them were Canadians,' DeSantis said. 'And I'm like, 'I thought you guys weren't coming to Florida anymore.' 'Oh no, we love Florida.' So, we're going to continue to be a destination.' While at the Capitol on Tuesday, DeSantis repeated the Legoland anecdote and added he expects Florida to 'continue to be a tourist hotspot.' Canadians account for about a quarter of the international travelers to Florida. The estimated 3.271 million Canadians who made their way to Florida in 2024 was 1.2 percent more than in 2023 and about 20 percent below the number in 2019, the last full year before the COVID-19 pandemic slammed the tourism industry. The Miami Herald reported Monday that demand for flights from Canada to South Florida are down about 20 percent from a year ago. Also, the research firm Tourism Economist altered its forecast for travel to the U.S. this year from nearly 9 percent growth to a 5.1 percent decline. Visit Florida, the state's tourism marketing agency, which typically releases tourism figures for the first quarter of the year in mid-May. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
CBS News
31-03-2025
- Business
- CBS News
DeSantis says Florida residents want property tax cuts, not sales tax breaks "for tourists"
Florida Gov. Ron DeSantis on Monday argued Floridians aren't "clamoring" for a sales tax cut as House Speaker Daniel Perez proposed last week and said they would prefer reducing homeowners' property taxes . DeSantis said during an appearance at the industry group Florida Realtors in Orlando that the House sales-tax proposal should be swapped for a one-time tax break for homesteaded property owners. He said that would serve as an "opening salvo" before asking voters in November 2026 to eliminate property taxes or increase the homestead exemption. "People, for one, are not clamoring for sales tax relief. They're clamoring for property tax relief," DeSantis said. "There's no property tax relief in that (House) proposal. But it also allows (sales tax) relief for foreigners. It allows (sales tax) relief for visitors and part-time residents." Perez, R-Miami, on Wednesday proposed permanently cutting the state sales-tax rate from 6 percent to 5.25 percent. He said nearly $5 billion a year in tax savings is possible through reductions in state agency spending. DeSantis said the projected savings in spending should instead be used to finance an "immediate" tax cut for homesteaded property that he estimated would average about $1,000 per homeowner. "We need to focus on our Florida residents. And focus on, in this case, Florida homeowners, particularly our homesteaded homeowners, and we need to focus the relief there," DeSantis said. "I want Canadian tourists and Brazilian tourists subsidizing the state (through sales taxes) and making it so Florida residents pay less taxes. I don't want to give Canadians a tax cut." Perez issued a statement Monday that indicated a willingness to work with DeSantis to resolve the issues. "I welcome the governor's proposal and look forward to more conversations on how we deliver meaningful tax relief for every Floridian to help make Florida more affordable, but just as importantly, to shrink the size and excess of government on all levels, that overspend and overregulate to the detriment of the people they represent," Perez said. "I am pleased that the governor has embraced the House's record-breaking spending reductions. There is much work to be done in this area, and we are just getting started. I look forward to a willing partner in the governor to meet these challenges head-on." Senate President Ben Albritton, R-Wauchula, called the proposals by DeSantis and Perez "worthy of our thought and consideration." But Albritton said both need to be studied, as he isn't comfortable passing a budget that might be balanced for the upcoming 2025-2026 fiscal year but creates shortfalls down the road. "Cutting taxes now does little good if they have to be raised two years from now to address budget shortfalls," Albritton said in a prepared statement. "No one wants a repeat of the Great Recession, and we've done our best to avoid that by reining in spending, paying down debt and setting aside significant reserves." The House sales-tax proposal came two days before the House released a proposed $112.95 billion budget for fiscal year 2025-2026, and the Senate proposed a $117.36 billion spending plan. Lawmakers will negotiate a new state budget and a tax package in the coming weeks, with the legislative session scheduled to end May 2. Without a state income tax, Florida relies heavily on sales taxes to fund programs such as schools, health care and prisons. While the state has a 6 percent rate, many counties have higher rates through what is known as a "discretionary" sales tax. Perez released the sales-tax proposal after DeSantis and many lawmakers have called during this year's legislative session for reducing — or possibly even eliminating —property taxes, which local governments depend upon to cover expenses that include schools, parks, fire-rescue and police. Critics of such property-tax ideas have said they could force increasing sales taxes to make up the lost revenue. Several bills have been put forward during this year's legislative session to put proposed property-tax cuts on the November 2026 ballot, but lawmakers could first direct a study of the potential impact of such a move. Addressing reporters on the sales-tax proposal last week, Perez said he remained open to asking voters in 2026 to amend the state Constitution on property taxes, but the only question is "how we do that." "Once you start to cut property taxes, does that mean that you're cutting into the K through 12 (education) budget? Does that mean you're cutting fire? Cutting police? I don't know the answer to all of that." Perez said. "The moment that I have something in front of me to consider, of course we'll consider that and we'll put that on the ballot and let the people back at home decide if they want to cut those services. That's on them. That's what the whole ballot process is for." DeSantis on Monday said state and local governments can maintain their "core functions" by offloading the tax burden on non-Floridians. DeSantis also said the state has a "-massive surplus" and could tap budget reserves to offset reductions in school property taxes. The House Ways & Means Committee is expected to discuss the sales-tax cut proposal on Wednesday. In a budget proposal released Feb. 3, DeSantis called for $2.2 billion in tax cuts that mostly would come through the elimination over two years of a tax that businesses pay on commercial leases, a move long sought by business groups. He's also called for a return of sales tax "holidays" on school supplies, recreational items, hurricane supplies and for ammunition and firearms.
