Ever since the real estate boom in Sebastian and other parts of Florida, many people have been forced out of their rentals due to higher demand. As a result, landlords can now charge double for their rentals.
As some people find themselves displaced or even on the streets due to the higher demand, they are moving elsewhere in the country. Growth in Florida will continue, and so will the higher cost of living.
Locally, two different apartment projects are under development in and near Sebastian.
The first development is being built in Sebastian outside the city limits, just north of The Promenade senior living center. The other will be located within the City of Sebastian. However, only a percentage of these apartments will offer affordable housing for low-income families.
It is a difficult time for retirees who are on a fixed budget. Their expenses are increasing while their social security payments remain the same. Florida is too expensive for many, especially if they didn’t buy their homes before the recent real estate boom. As a result, some people have been displaced on the streets in an area they can no longer afford.
Affordable Housing Elsewhere
There is hope, as many places still have low median home prices and rental affordability, which brings us to Huntsville, Alabama.
Huntsville is the #1 place to live in the United States for 2022, according to a U.S. News report. The median home price is $192,667, and the average annual salary is $58,730.
The area has a strong job market and a low cost of living. It is home to many companies focused on science, technology, engineering, and math, contributing to a higher average annual salary for the local population.
Green Bay, Wisconsin, is also ranked #3 as one of the best places to live, with a median home price of $181,700 and an annual salary of $50,020. It’s best known as the hometown of the Green Bay Packers. Residents there spend just 20.3% of the median household income on rent or mortgage payments.
Fayetteville, Arkansas, is ranked #7 with a median home price of $203,150 and an annual salary of $50,470. This fast-growing metro area promotes a low cost of living and a steady job market.
These areas are only a sample of affordable places to live in the United States.
Housing Market in Sebastian, Florida
What’s happening in Sebastian and other areas in Florida is devastating to our local market. Homes that sold for $250,000 a couple of years ago are now selling for $500,000. However, financial analysts predict a market correction as stocks continue to tumble.
The job market in Sebastian is still excellent, and we know many servers and bartenders earning a lot of money. One bartender told us he makes anywhere from $500 to $1,000 on a good night, but it’s a lot of work like any job relating to tourism.
