In Today’s Email

• Buying versus renting

• The disparity between home prices and location

• The boom in the Sunbelt region

• Did you know?

• Quick reads

Buying Versus Renting

• Whether you're a first-time homebuyer or someone looking to relocate, the choice between buying and renting becomes a critical factor to consider. Right now the median rent in America is $1,850/month and the median monthly cost for a home is $2,700.

• It's worth noting that this particular situation showcases the largest difference ever recorded between the costs of buying and renting a home in the United States. To put it in perspective, the only time we saw a higher percentage gap was back in the early 1980s when mortgage rates reached an astonishing 18%.

Location Location Location

• The housing market has become increasingly localized, with variations in home-price growth among different metros reaching a 13-year high. San Francisco and Miami exemplify this trend, as San Francisco experiences a 10.1% decline in prices while Miami sees a 10.9% increase.

• While San Francisco's home prices are dropping due to remote work and diminishing buyer pools, Miami continues to attract remote workers, driving up prices. The disparity between these two areas reflects the long-term effects of the pandemic on housing preferences and the freedom to choose affordable locations.

The Boom in The Sunbelt Region

• The housing market remains hot in the Sun Belt region. According to a Bankrate report, the five hottest housing markets are all located in southern states: Gainesville, Georgia; Knoxville, Tennessee; Cape Coral–Fort Myers and North Port–Sarasota-Bradenton, Florida; and Charlotte-Concord-Gastonia, North Carolina. These regions are experiencing strong demand despite rising mortgage rates and limited inventory.

• While other parts of the country are seeing price declines, home values in the Southeast have remained steady, attracting buyers from more expensive areas.

• Gainesville, Georgia, topped the list with a median home price of $520,345. Affordable homes below $350,000 are particularly in demand. Groundfloor’s portfolio holds a big presence in the Sun Belt region, particularly in Georgia.

Did you know? 💭 

Quick Reads Around The Block

• Hottest markets for Short-Term Rentals

• Luxury apartments continue to fill up

• How Ron DeSantis presidency could affect the housing market

P.S. Just like a well-staged home, this real estate newsletter is meant to impress - share it with your friends and show off your market knowledge!