TAMPA, Fla. — It's no secret life has gotten a little more expensive. Gas and food prices as well as utilities are just some of the many things people across the nation are feeling like they're overpaying for.
At the top of that list are rent and home prices. The two have been rising at their fastest rate in years. And, residents down here in the Sunshine State are feeling the crunch more than anywhere in the nation.
In February, Realtor.com picked Miami as the least affordable city to live in with renters spending 60-percent of their income to keep a roof over their heads. Tampa was not far behind with the average renter spending 45-percent of their income, and Orlando renters were spending 37-percent.
The ballooning prices in the Sunshine State are why CBS News reports Florida has become the least affordable place to live in the country. According to the news outlet, people flocked to the state during the pandemic thanks to "low taxes and an anti-regulation agenda."
Add in the weather and Florida has become an attractive destination for high-paid professionals. According to CBS News, real estate data shows that much of the demand for Florida housing comes from buyers out of state.
In the first three months of 2022, Redfin research showed Miami was one of the top destinations for movers. Tampa was third, while Cape Coral was sixth.
"For deep-pocketed executives, they're sort of playing with house money because there are still bargains in Palm Beach County and Broward County and Miami-Dade, compared to the prices of the Bay Area," John Boyd, principal of the Boyd Co., a site-selection firm in Boca Raton, Florida, told CBS News.
"People are outbidding homes in Broward County and Palm Beach County by the millions of dollars. It's a routine occurrence."
