http://stpetetimes.com/2004/webspecials04/homeprices/

The studys data highlights the tremendous diversity in housing characteristics across the state, particularly between the 35 urban counties and the 32 rural counties, as well as between coastal and non-coastal counties. The characteristics of Floridas housing reflect the characteristics of the states population. The population of the state is growing, creating a demand for additional housing, yet that growth is not distributed uniformly across the state.

Growth is most often a coastal phenomenon. Further, the nature of the growth differs across the state as characterized by age, income, race, ethnicity and county of origin. The report is divided into four sections that examine the changes to Floridas population between 1990 and 2000, Floridas housing stock, the affordability of the housing stock, and price trends and forecasts for Floridas housing stock.

Over the past decade, Florida has experienced widespread population growth. The report examines this growth in detail providing statistics at both the county and census tract levels. In addition to this growth, many of Floridas communities have also experienced income growth from 1990 to 2000 above the rate of inflation that should afford residents an improved standard of living. These statistics, as well as others with regard to the relationship between Floridians location choices for employment and residence, are detailed in Chapter 2.

Using property appraiser data files, the study examines Floridas housing stock, separating it into three broad categories: single-family housing, condominiums and multi-family housing.

After years of increasing affordability, housing became less affordable in Florida over the last year, the study found, after reviewing affordability at the state level and also looking at the individual counties. This decline in affordability is likely due to the fact that housing prices have continued to appreciate rapidly in the state while personal income has experienced little growth over the last two years.

The report also reviews the movement in house prices and the rate of appreciation in housing across the state. Florida is currently experiencing the highest five-year real rate of increase in housing prices that it has ever seen. House prices have increased by almost 7.0 percent per year over and above the general rate of inflation the last three years. Housing prices are predicted to continue rising with the southern portion of the state and the six largest metropolitan areas experiencing higher than average increases; lower than average price increases are forecast in the northwest part of the state.