Florida seems to be a state that people are always flocking to and never leaving, with its temperate weather, great beaches and lots of excellent attractions. 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.
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In order to find the Florida cities showing cause for concern, GOBankingRates looked at the largest 200 cities in terms of total housing units and some crucial factors such as 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 Consumer Protection Bureau, and RealtyTrac. Here are seven most likely to end up with a housing crisis.
7. Pembroke Pines, Florida
% of homes for sale that have been foreclosed: 74.47%
% of mortgages delinquent 30-89 days: 0.7%
Nearly two-thirds of the inventory of homes for sale in Pembroke Pines have already been foreclosed - 461 out of 619. Additionally 0.6% of homes are 90+ days delinquent on mortgages. The rental vacancy rate is at 6.9% as well. For comparison, the national rental vacancy rates is right around 6.0%.Take Our Poll: How Has Inflation Impacted Your Holiday Shopping Plans?
6. Hollywood, Florida
% of homes for sale that have been foreclosed: 63.41%
% of mortgages delinquent 30-89 days: 0.7%
Hollywood isn't far behind Pembroke Pines, with 383 out of 604 homes for sale having already been foreclosed. Additionally 0.6% of homes are 90+ days delinquent on mortgages. The rental vacancy rate is also at 6.9%.
5. Jacksonville, Florida
% of mortgages delinquent 30-89 days: 0.8%
% of mortgages delinquent 90 days: 0.6%
Nearly half of Jacksonville's homes for sale are foreclosed - 1,706 out of 3,664 homes. The rental vacancy rate is at 6.6% and the homeowner vacancy rate is 2.0%. For comparison, the national homeowner vacancy rate for Q3 2022 was 0.9%.
4. Miami, Florida
% of homes for sale that have been foreclosed: 69.72%
% of mortgages delinquent 30-89 days: 0.7%
Miami is also showing some alarming signs, with nearly 70% of homes for sale being foreclosed, which translates to 3,010 out of 4,317. The rental vacancy rate is at 6.7% and the homeowner vacancy rate is 2.2%.
3. Gainesville, Florida
% of mortgages delinquent 30-89 days: 0.7%
% of mortgages delinquent 90 days: 0.6%
Gainesville has the highest rental vacancy rate on this list, at 15.9%. Additionally, 21.28% of homes for sale have been foreclosed, foretelling a possible market drop.
2. Fort Lauderdale, Florida
% of homes for sale that have been foreclosed: 52.97%
Homeowner vacancy rate: 4.1%
Fort Lauderdale is also working with an inventory of houses for sale that are more than 50% foreclosed, or 463 out of 874 homes. In addition to rising cases of mortgage delinquency, the homeowner vacancy rate is rising, and the rental vacancy rate is climbing to 7%.
This article originally appeared on GOBankingRates.com: 7 Florida Cities That Could Be Headed for a Housing Crisis
