Florida, renowned for its appealing climate, stunning beaches, and abundant attractions, has long been a magnet for residents and newcomers alike. However, the state is not immune to the broader market trends impacting housing, including rising mortgage rates and escalating home prices, which are beginning to force some residents out. This article identifies seven cities in Florida that display concerning signs, indicating a potential housing crisis on the horizon.
To identify these cities of concern, GOBankingRates analyzed the largest cities based on total housing units, considering key factors such as the percentage of mortgages in delinquency for 30 to 90+ days, homeowner vacancy rates, and renter vacancy rates. The data utilized in this analysis were sourced from the Consumer Financial Protection Bureau, the 2021 American Community Survey, and Zillow. The following seven cities are highlighted as the most susceptible to a housing crisis:
1. Deltona-Daytona Beach-Ormond Beach
– Homeowner vacancy rate: 1.9%
– % of mortgages delinquent 90+ days: 0.48%
2. Pensacola-Ferry Pass-Brent
– Homeowner vacancy rate: 1.9%
– % of mortgages delinquent 90+ days: 0.57%
3. Panama City
– Homeowner vacancy rate: 2.1%
– % of mortgages delinquent 90+ days: 0.47%
4. Sebastian-Vero Beach
– Homeowner vacancy rate: 3.0%
– % of mortgages delinquent 90+ days: 0.33%
5. Jacksonville
– Homeowner vacancy rate: 1.7%
– % of mortgages delinquent 90+ days: 0.53%
6. Lakeland-Winter Haven
– Homeowner vacancy rate: 1.8%
– % of mortgages delinquent 90+ days: 0.60%
7. Ocala
– Homeowner vacancy rate: 1.6%
– % of mortgages delinquent 90+ days: 0.71%
These cities present worrisome metrics that signal potential challenges in their housing markets. Stakeholders, policymakers, and residents need to be aware of these indicators and take proactive measures to address the underlying issues. Jordan Rosenfeld contributed to the reporting of this article.
