Home Price Trouble In Tampa And Miami

Edgar Pexels

Based on the carefully followed Case-Shiller home price index, home price growth slowed considerably in April in America’s two largest hurricane-prone cities. National prices rose 1.2% month over month. However, in Tampa, that number was .7%, and in Miami, it was .8%. In 2023 and 2022, the two cities had the fastest-growing home prices among the 20 Case Shiller measures. 

Canadian Fires –More Smoke For US?

A recent study said two-thirds of Miami will be underwater by 2060. If NOAA is correct, this will be the world hurricane season in history. Warming water in the central will feed storms. The water’s temperature is much warmer along the Florida Coast and in the Gulf of Mexico, worsening storms further. 

Tampa’s population was 280,015 in 1990. Last year, it reached 403,364, making it among the fastest-growing large American cities over that period. Over the same period, Miami’s population went from 358,648 to 442,341. Although it would have seemed improbable just a year ago, the migration to Florida could reverse. 

Why Did It Happen?

Climatecrisis247 believes this is part of a trend among cities along the southern Atlantic Coast of the US and in the Gulf of Mexico. High insurance rates due to storms have driven up the cost of owning a home in these regions. Some homeowners need help getting insurance. As a result, the value of homes has dropped. This pace will continue and probably quicken as storms strengthen due to climate change.

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