How to save for your first home, according to the experts
The average homeowner in Florida, Arizona, and Florida is saving more money than the average homeowner nationwide, according a new survey.
But it may not be a good idea to do so, according as the report.
Read moreFlorida homeowners:The survey from Mortgage Brokers and Associates found that homeowners in Florida have an average annual income of $82,000, while the national average is $71,000.
While this difference is only $4,000 in Florida compared to the national median, the median house in Florida is more expensive than the national rate of $175,000 according to Mortgage Broker’s research.
Florida homeowners are also saving more than they are paying in property taxes.
The survey found that the average Florida homeowner has paid about $1,600 in property tax since 2007, and the median is $1.50.
But while Florida is on pace to surpass the national homeownership rate, this may not last, according the Mortgage Broks report.
“The typical Florida homeowner, when adjusting for inflation, has spent about $4.5 million more than the typical homeowner nationwide over the past decade,” the report states.
“For those living in the nation’s top 50 counties, homeownership rates have risen about 15 percentage points over the last 10 years, from 47.3 percent in 2010 to 51.4 percent in 2016.”
The report also found that Florida is seeing a large number of new homes being built every year, and that this is putting pressure on home prices.
“Home prices in Florida are up more than 20 percent over the period from 2007 to 2016, according [to Mortgage Broking and Associates], which is a sharp increase compared to most other states,” the study states.
It is likely that the housing market will remain volatile in the next few years, but the mortgage industry is likely to see more housing sales, the report said.
The National Association of Realtors recently reported that home prices in the United States are expected to continue to rise.
The Mortgage Broke report found that home values in Florida were up 7.4% in 2017, while Florida homeowners are up 14.4%.