7 Florida Cities That Could Be Headed for a Housing Crisis – Yahoo Finance

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Florida seems to be a state that people are always flocking to and never leaving, with its comfortable weather, beautiful beaches and tons of excellent attractions.

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However, even Florida is feeling the results of market forces, which are increasing mortgage rates, driving up home prices, and thus driving out people. In fact, the Florida cities on this list are showing alarming signs that could be pointing toward a housing crisis.

In order to find the Florida cities showing cause for concern, GOBankingRates looked at the largest cities in terms of total housing units and some crucial factors such as the percentage of mortgages that are between 30 and 90+ days delinquent and homeowner and renter vacancy rates. Data was drawn from the Consumer Financial Protection Bureau, the 2021 American Community Survey and Zillow. Here are seven most likely to end up with a housing crisis.

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Deltona-Daytona Beach-Ormond Beach

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Pensacola-Ferry Pass-Brent

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Panama City

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Sebastian-Vero Beach

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Jacksonville

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Lakeland-Winter Haven

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Ocala

Jordan Rosenfeld contributed to the reporting for this article.

Methodology: In order to find Florida metros that could be poised for a housing crisis, GOBankingRates looked at 19 of the largest metro statistical areas in Florida across the following factors: (1) percent of mortgages 30-89 days delinquent as sourced from the Consumer Financial Protection Bureau; (2) percent of mortgages 90-plus days delinquent as sourced from the Consumer Protection Bureau; (3) homeowner vacancy rate as sourced from the 2021 American Community Survey; (4) rental vacancy rate as sourced from the 2021 American Community Survey; (5) mean days from when a house hits market to pending sale as sourced from Zillow; (6) percent of homes sold below final list price as sourced from Zillow; (7) mean days from pending to closed sale as sourced from Zillow; and (8) the percent of listings with a price cut as sourced from Zillow.These eight factors were then scored and combined with the highest score indicating the California metro most likely to be poised for a housing crisis. Factors (1) and (2) were weighted 3x and factors (4) and (7) were weighted 0.5x. All data was collected on and up to date as of May 2, 2023.

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This article originally appeared on GOBankingRates.com: 7 Florida Cities That Could Be Headed for a Housing Crisis

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