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Are inflated housing costs new normal for South Florida?

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With rising home and rent prices in South Florida, rising inflation and gas prices, many suspect that the current high cost of living is now a new norm.

“Is this new common sense? The answer is from a pricing perspective. The answer is yes,” said Andrew Barber, a broker at Keller Williams Realty Services Partners.

Over the past year, people have adapted to much more expensive South Florida.

WPTV

Emanuel Saint-Germain shares his thoughts on the lack of homes available to meet the current demands of South Florida.

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Emmanuel St. Germain, Loan Originator of Choice Mortgage in Boca Raton, said: ..

The average homebuyer can’t afford a dream home, or a current home, when full cash offers dominate the market.

Barbar and St. Germain said there is no one solution fix for WPTV.

“We need tax reform. We need zoning reform,” Barber said. “We need commercial real estate that can be converted into residential real estate.”

Andrew Barber, Keller Williams Realty Services Partner Broker

WPTV

Andrew Barbar explains what it takes to bring home prices back to more affordable levels in South Florida.

Financial stress can range from those who are trying to buy a house to those who are renting it.

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“I’ve seen rooms for $ 1,000 and $ 1,200, but they don’t want you to use the kitchen. They want you to stay in the room with a microwave and a mini fridge. “Nicole Mary can. She told WPTV that she couldn’t afford to raise her rent. “I really don’t know what to do when the lease expires,” she said.

Inflation and rising gas prices, in addition to the housing crisis, are creating more headaches for many.

So does this prevent people from moving to South Florida or do they start driving them away?

Nicole Mary, a South Florida resident struggling to pay rent

WPTV

Nicole Mary is one of the residents of South Florida who is having a hard time paying her rent.

“You’ll think this is a linear result, and it’s possible,” said Ken Johnson, vice director of the graduate program at Florida Atlantic University Business College.

Johnson said this trend could last for a long time, but it’s unlikely.

“I would like to stay in Florida in the long run,” Johnson said. “You don’t want to leave Florida. You just don’t want to leave.”

But he said things would take some time to improve.

Ken Johnson, Vice Dean of Graduate Program at Florida Atlantic University Business College

WPTV

Ken Johnson says it can take a considerable amount of time for residents to understand that home prices will fall from current levels.

“This won’t go away tomorrow or in the next six months,” Johnson said. “Overall, I think we’ll wake up. It could be three, five, or ten years. Looking back, we see this as more and more painful. Now it does a lot. I feel it is worse than the pain of growing up. ”

This is especially true for people like Mary who already have two jobs to pay the rent. She wants the light to look faster than it slows down at the end of the tunnel.

“My son has a medical disability, so we have to fight it for food, medical expenses, and all that kind of thing,” she said. “It’s a lot of money.”

Additional housing resources

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