When it comes to home values in southwest Florida there’s bad news followed by more bad news.
While one study found one local county saw the steepest decline in home values in the country, another study found the average home remains unattainable for many.
According to the latest data from the Zillow Home Value Index, Charlotte County recorded the largest drop of any large county, with a population of more than 50,000 people, with home values falling by 8% in the latest year.
Meanwhile, the same index found home values across the country increased by an average of 4.5%.
As home values are falling in southwest Florida, the Sunshine State remains one of the hardest states in the country to buy a home.
A new study found the average Florida worker would need to work for 7 years and one month to save up enough money for a 10% downpayment on an average home.
The study, conducted by Long Island homebuyers Leave The Key, analyzed data from the Bureau of Economic Analysis and the US Census Bureau to determine how long the average earner in each state needs to save for a home.
In first place is Hawaii, with housing affordability statistics for 2023 showing that Hawaii homes reach a median value of $846,400, and with just $489 left over each month after essential expenses, residents need to save for a staggering 28 years and 10 months to be able to afford a 10% deposit.
