Peter Thiel recently said that Florida's jacked-up real estate costs mean the state is on a similar trajectory as California. residential bayarea siliconvalley
Is Thiel correct? Will rising home prices — which are up double digits year-over-year in metro Orlando — undermine the idea that Orlando and other Florida cities are cheaper alternatives to the West Coast? Home prices: Metro Orlando’s median home price of $391,000 is much cheaper than the San Francisco metro’s median price of $1.4 million, according to Redfin .
Home affordability: Homes in the Bay Area also are less affordable, as it takes 50% of a buyer’s income to afford the median-priced home in San Francisco County, according to Attom Data Solutions. Meanwhile, the median-priced home in Orange County typically costs 38% of a buyer’s income. Rent affordability: Still,found renters in Orlando fare worse. Local renters spent 34.7% of their incomes on rent payments last August, more than renters in Los Angeles , San Francisco and San Jose .
Regardless, people from California and New York continue to buy homes and invest in the local real estate market with no signs of slowing down, Orlando Realtorsaid. On top of that, many local sellers are reducing their prices from the inflated prices the market sustained last year, Luu added.
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