Americans Are Overpaying for Homes, As Housing Market Remains Tight.
According to a study by Florida Atlantic University, compared to historical prices, homebuyers in the most expensive cities in America are paying a premium of over 40%.
Business Insider reports that Atlanta tops the list of the most overpriced cities in the United States.
Five of the other top 10 most expensive cities in the U.S. are in Florida.
Florida is so overvalued almost certainly because of the increased demand to live here combined with a shortage of available housing units, Ken H.
Johnson, economist at FAU, via Business Insider.
There are just not enough roofs to go around, given our population and Florida's stature as a prime destination, Ken H.
Johnson, economist at FAU, via Business Insider.
Business Insider reports that the housing market has remained tight in 2023, with mortgage rates and prices still high, leaving homeowners reluctant to sell.
Here are some of the most expensive cities and the premiums between current costs and long-term prices.
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Atlanta, Georgia, , +48.57%.
Detroit, Michigan, , +45.80%.
Tampa, Florida, +43.98%.
North Port, Florida, +43.49%.
Cape Coral, Florida, +43.35%
