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Investor’s Edge with Gary Kaltbaum

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MIAMI, FLORIDA - SEPTEMBER 29: In an aerial view, the City of Miami skyline, where many renters reside in the apartment buildings on September 29, 2021 in Miami, Florida. According to an analysis from Realtor.com, rents nationwide are rising, with the median rent for all sizes of rentals was $1,607 as of August, an increase of 11.5% from a year ago. The analysis also showed that rental prices had seen double-digit percentage growth in 28 of the 50 largest metropolitan areas. (Photo by Joe Raedle/Getty Images)

The mass exodus from more democratic states to Florida has caused a massive rise in prices on getting a new home. As a result, homeowners throughout the state find it harder and harder to buy or even rent a home. After a year-and-a-half into a record price growth and shrinking inventory, non-buyers are stuck in a predicament. They want to buy but are facing higher prices than they did when they first started searching and are finding themselves at risk of being priced out.

Real estate agents throughout remember hearing from multiple potential buyers. They wanted to see if the market would crash after the drastic rise during the pandemic, only to be met with higher costs now than ever. Take, for instance, this: February of 2021, the median sale price of a home in Miami Dade County was $450,000, a 21% increase from the year before. Now in October  2021, when median sale prices rose 19% from the year early in Palm Beach County to $500,000

This is throughout the state but seen in more of the major metros of Florida. Another issue is the pandemic and supply chain shortages as a common theme amongst new buyers trying to afford homes is not even being able to build a new one.

Investor’s Edge with Gary Kaultbaum can be heard on weekdays on MoneyTalk 1010. Gary Kaltbaum is a registered investment advisor with more than 30 years of experience in the markets. He is the owner and President of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. In addition, Gary is the author of the book “The Investors Edge” and the host of a nationally syndicated radio show with the same title, “Investors Edge,” broadcast on numerous stations across the U.S. The show is also available on-demand and airs live 6-7 pm EST Monday-Friday. You can hear past shows online at garykaltbaum.com.

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