Florida now contains five of the 10 most overvalued cities in the US, thanks to hoards of newcomers in recent years.
Tampa, Florida is now the third most overvalued housing market in the country, with buyers paying a 43% premium.
Of the top 10 most overvalued housing markets in the US, five are now located in Florida, according to a recent study from Florida Atlantic University and Florida International University.
That's a big jump from August 2021, when Florida had zero cities that cracked the top 10.
High mortgage rates have driven up borrowing costs for buyers, while limited housing supply has pushed prices higher.
Persons:
—, That's, Ken Johnson, Johnson
Organizations:
Service, Florida Atlantic University, Florida International University, North, Coral, Lakeland, FAU, Sun, Sunshine State
Locations:
Florida, Tampa , Florida, America, North Port, Palm, Mississippi, Miami