Florida’s housing affordability crisis took center stage Thursday at the Florida Policy Project’s third annual summit in St. Petersburg, where Realtors, builders, business owners, and elected officials gathered to examine the pressures squeezing buyers and renters across the state.
According to Zillow, the average home price in Florida currently stands around $375,000 — well above pre-pandemic levels — while elevated interest rates have pushed monthly mortgage costs higher, compounding the financial strain on prospective buyers.
Florida Policy Project President Jeff Brandes, a former state senator, underscored the stakes: “Domestic migration is down 90% in Florida, and family formation is slowing in the state. Affordability is by far the No. 1 issue that voters are thinking about.”
Summit participants identified two groups as most vulnerable. Young adults face limited savings and wages that have not kept pace with rising home prices, while senior citizens on fixed incomes struggle to absorb increasing property taxes and insurance costs.
There are some signs of stabilization. Home prices have dipped slightly from their post-pandemic peaks, and property insurance rates have begun to ease, partly attributed to a quieter hurricane season and renewed insurer participation in the Florida market.
The Florida Policy Project credited the 2023 Live Local Act — which offers incentives for affordable housing development — as a meaningful step, but argued further action is needed. The organization is calling on local governments to revisit land-use policies and embrace higher-density housing in urban areas to expand supply and lower costs.
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