If you are seeking a home and a mortgage in Florida, Palm State Mortgage Company would like to share some great news with you.
We have discovered some statistics that everyone hunting a house in Florida this spring should know! We are calling them “Sign Posts” for your Spring house hunting.
According to reputable sources, Florida has become one of the most populous states with the fastest-growing cities in the U.S.A.!
We recently learned some new revelations from the U.S. Census Bureau:
Florida House Hunting: It Is Not Just for Retirees!
“The Villages, Florida, ranked as the nation’s fastest-growing metro area last year, with the city west of Orlando boasting a 5.4 percent increase in population between July 1, 2013, and July 1, 2014.”
This kind of growth and movement to economic recovery is contagious, in a good way, to all the communities around Orlando.
Proof positive that things are looking up! Residents have remarked that the area is drawing people of all ages who appreciate its charm and good weather.
So, let us look at a few more facts that are encouraging house hunters, home buyers and home sellers, this spring. Below are four sign posts of statistics which are bringing both caution and optimism
to today’s house hunters.
1. This month, Freddie Mac said, “The housing market continues to grow more stable across South Florida, though affordability bears watching this year…”
The index measures indications such as these to determine such concepts as a stable housing market:
- home loan applications,
- payment-to-income ratios,
- mortgage loan delinquencies and
- employment in 50 metro areas across the nation.
You should know that a score of 80 is very favorable. A perfect score is 100. Palm Beach, Broward and Miami-Dade counties scored 75.4 in January on Freddie’s Multi-Indicator Market Index. That’s up 6.85 percent from a year earlier.
2. You might have already heard that Florida became the nation’s third most-populous state in December, a prize they claimed from their New York competition. This is certainly a vibrant sign of a growing economy and reputation.
3. Palm State Mortgage is not painting pictures of roses and rainbows, however, we are realistically aware that easily affordable, low-budget housing is fast disappearing. Len Kiefer, Freddie’s deputy chief economist stated, “While affordability remains in an acceptable range, it is trending higher, the result of rebounding home prices after the market hit bottom in 2011.”
He added, “In general, it’s nothing to be too concerned about, but it is a sign that affordability could be an increasing challenge for prospective home buyers in South Florida.”
At Palm State, we believe this means that shoppers who want to buy a home need to make it a budgeting priority, and get all their personal financial ducks in a row before setting their sights on a Florida dream home.
4. Meanwhile, the trends continue. More kudos for the Villages! “The iconic retirement community, the Villages, is becoming the place to be for those no longer bound by an office.”
Likewise, keep in mind that the “Census Bureau Director John H. proclaimed six Florida metro areas were among the 20 fastest-growing in the USA: The Villages, Cape Coral-Fort Myers, Naples-Immokalee-Marco Island, Orlando-Kissimmee-Sanford, North Port-Sarasota-Bradenton and Panama City.
House Hunting: What Can You Afford?
Palm State Mortgage Company brings you some guidelines.
A. In this region, you should count on spending about 27 percent of your median household income on mortgage payments, according to according to RealtyTrac.
B. Housing analysts warn that you should spend no more than 28-30 per cent of your income on housing. This amount includes upkeep and maintenance as well as fees associated with your new 
home.
If you are ready to calculate how much you can really afford to spend on a home, there is a handy form at this reliable online resource. If you fill in the blanks with your numbers, you can get a pretty clear picture of how much house you can realistically afford.
Statistics and facts aside, we can certainly understand why people are flocking to Florida. The sunshine! Our good weather is almost addictive.
Our governor recently gave us more good reasons to make your home in Florida in his State of the State address, “We are at a 43-year-low in our crime rate.. .Taxes are down. We have cut taxes more than 40 times in four years. We have no personal income tax. The average person pays about $1,800 in state taxes in Florida – the lowest in the nation.”
–and, Palm State Mortgage Company adds, the sunshine is free! Our owners and staff wish you a Happy Easter Season, and Happy House Hunting!
