Latest from Census: Florida third least affordable home owning state

Plenty of confirmation in the latest U.S. Census estimates for those who think housing is overpriced here.

The Census Bureau's 2007 American Community Survey says Florida is the third least affordable state for home owners. Nearly half of all Floridians pay more than 30 percent of their income on mortgage costs. Nationally, 37.5 percent of mortgage holders spend more than 30 percent of their income.

Is rent any better? Not really. Our state actually ranks first in the nation in lack of affordability. Close to 53 percent pay more than 30 percent of their income on rent and utilities.

The Census also breaks things down for the Tampa Bay area, but I never found away to rank our metro area against hundreds of others. Here's the raw numbers:

• Our median home price is $203,300, above the national median of $194,300
• Our median monthly mortgage costs are $1,523
• The percentage of people who spent more than 30 percent of income on mortgages in 46.2 percent

If you want to click around the Census site, here's a link. Scroll down a hair and find the survey results.

Comments

[Tino]

One more set of data points:

The S&P/Case-Shiller index for nationwide and Miami housing prices are currently pricing in another 20% decrease in prices.

The market is expected (by the futures prices, at least) to bottom in May 2011, and then recover at a 3-4% annual rate after that.

For those sellers who are currently asking prices that are 50% higher than comps, they can expect to sell their homes by 2020 or so. That's a lot of property taxes and interest to eat!

[yyyy]

These are 2007 numbers, correct? Is our median house price $203K in Tampa? The prices have dropped since then. Also, does Miami throw off Florida's numbers? I mean, being much more expensive then the rest of the state. Just asking...

[Alex]

FWIW, the median asking price in Tampa this week is 190k. This number is based on an aggregate of MLS listings. Here's the link:

http://www.housingtracker.net/askingprices/Florida/Tampa-St.Petersburg-Clearwater/

[Tino]

We haven't been at $203k for a long time. The latest S&P/Case-Shiller data has the median Tampa price down to $175k in June.

Miami's current price level is $189k, but the market is pricing in another $35 drop in the next 3 years. Since Tampa typically runs 10% cheaper than Miami, that would put us at about a $140k price level.

http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_082653.xls

Asking prices are meaningless. I can find numerous examples of sellers asking prices that are 50-125% higher than the level of comps, hoping for that "clueless buyer".

[Fuzzy Bear]

Since Tampa typically runs 10% cheaper than Miami, that would put us at about a $140k price level.

I would agree with what you mentioned Tino. However, the medium price of $203,300 clearly shows the lack of affordability the Tampa Bay area had in compared to the average wages.

The average wage would not qualify for a medium price of $203,300 and that is where the affordability issue comes in to play.