Real estate in the USA: why are prices rising and where can you buy affordable housing?

Real estate in the USA: prices, their changes, and factors contributing to growth

As of mid-2021, the average price of residential real estate in the United States reached approximately $375,000. This is more than $50,000 higher than the previous year, according to a report from the Federal Reserve Bank of St. Louis. Thus, there has been a 16.2% increase in prices over the year.

It is interesting to note that from 1980 to 2020, the average cost of housing in the country increased by 416%. This surge is attributed to the consequences of the COVID-19 pandemic. In 2020, the government took measures to lower interest rates on loans to support the economy and implemented direct financial assistance programs for the population. This led to discussions about potential inflationary processes, prompting many Americans to invest their savings in real estate.

Moreover, the shortage of new housing has created a situation of supply deficit in the market. At the end of last year, the National Association of Realtors documented record low levels of affordable housing. According to a study by Zillow, currently, the greatest difficulties in purchasing real estate are observed in Hawaii, where the average mortgage payment accounts for 57.9% of the median income, creating significant barriers for buyers.

On the opposite side, in West Virginia, housing prices are much lower - they are only 40% of the national average, while mortgage payments account for just 16.1% of local residents' income.

Popular destinations for real estate purchases

However, special attention is given to the state of Florida, which has become popular among Russian-speaking buyers. This state is also considered one of the most attractive places for retirees to live. The average home price in Florida is $297,400; meanwhile, homeowners spend about 33.4% of their annual income on mortgage payments.

How to choose the perfect city to live in Florida? If housing affordability is your priority, take a look at the selection of the best places. The ranking was prepared by the American portal Homeia, and we offer you an overview of its main results.

Top 5 cities in Florida with affordable housing options:

• JacksonvilleJacksonville is the most populous city in Florida, located on the northeast coast. It is conveniently accessible via Interstate 95 and is close to the airport. With a population of 911,500, the city has experienced a growth rate of 10.9% from April 2010 to July 2019. There are many beautiful parks, nature reserves, a zoo, an art museum, beaches, shopping centers, and restaurants. Additionally, Jacksonville offers high-quality healthcare with more than 20 hospitals and extensive educational opportunities.
• Saint PetersburgThis city perfectly combines natural beauty and urban life. St. Petersburg is famous for its beaches along the Gulf of Mexico, making it appealing to active vacation enthusiasts.
• OrlandoOrlando is not only famous for its numerous theme parks, but it also offers a variety of job and living opportunities.
• TampaTampa is known for its friendly atmosphere and well-developed infrastructure, making the city comfortable to live in.
• MiamiAlthough housing prices in Miami may be slightly above average, the unique culture and vibrant lifestyle in this city make it a desirable place for young people and families.

In the end, Florida offers many options for those looking to purchase real estate, combining affordable prices with a high quality of life.

Educational institutions in Jacksonville

In Jacksonville and its surroundings, there are 190 public educational institutions, as well as over 600 private schools. For those seeking higher education, there are many colleges and universities. Notably, among them stands the University of North Florida, which is considered one of the leading educational institutions in the state.

Standard of living

The standard of living in this city is 7% lower than the national average and an impressive 50% lower than in New York, making it quite attractive for living and working. Locals have the option to both buy and rent housing, and this feature is also typical of other cities that have made similar rankings.

Housing prices

The ratio of the average housing cost to the median annual income of all households in Jacksonville is $173.2 thousand and $54.7 thousand, respectively, while the ratio of annual income to expenses on rent and utilities reflects figures of $54.7 thousand to $12.7 thousand. It should be noted that75.8%Local residents own their apartments.

The best neighborhoods to live in

Among the best neighborhoods to live in, several stand out:

• Northside:Housing prices range from $200,000 to $1 million. This area is particularly popular with families with children.
• Riverside:A wider price range — from $100,000 to $3 million — makes this area attractive to young professionals and startups.
• San Marco:It is renowned for its artistic spirit and offers homes priced up to $5 million, known for its galleries, restaurants, and shops.
• Orange Park:A more affordable area with a maximum housing cost of $650,000, located in the suburbs at some distance from the city.
• Southside:Housing prices range from $150,000 to $850,000, making it attractive for young buyers.

Economic situation

As for the unemployment rate in Jacksonville as of 2021, it is4.2%that is below the national average, which is5.8%However, the poverty level in Jacksonville is somewhat higher than the global average, standing at14.9%against10.5%on average across the country.

The largest employers in Jacksonville include two naval air stations, as well as various medical and financial institutions. Approximately 14,000 employees work in the public educational institutions of Duval County. As for the time residents spend commuting to work, it averages around25 minutes.

Criminal situation

Analyzing the crime situation, it is worth noting that there are per 1,000 residents in Jacksonville6.49violent crimes, which significantly exceed the state median —3.78and also the national indicator, which is equal to4.00.

St. Petersburg: another gem of Florida

Another attractive place is St. Petersburg, located on the picturesque west coast of the state. The city offers convenient transportation links to other major regions thanks to its developed highway network and the proximity of several small airports, including the international airports of St. Petersburg, Clearwater, and Tampa, which are just half an hour away.

The population of St. Petersburg is about265.3 thousandthe number of people, and during the period from 2010 to 2019, it increased by7.6%There are many attractions in the city, such as:

• a picturesque waterfront with a variety of restaurants;
• Salvador Dalí Museum;
• beaches and nature trails for outdoor activities.

Thus, both cities offer a variety of opportunities for living, studying, and leisure, making them very attractive to residents of Florida.

This city has over thirty medical facilities, forty-five public schools, and more than one hundred and fifty private educational institutions, including colleges and the campus of the University of South Florida. However, the level of educational infrastructure in this area is considered below average.

Standard of living

As for the standard of living, it is one percent below the national average, forty-seven percent lower than in New York, and five percent lower than in Jacksonville. Purchasing and renting housing here are not particularly problematic for residents:

• The ratio of the average house price to the median annual income of families istwo hundred five thousand dollars to fifty-seven thousand dollars;
• The ratio of income to rent and utility expenses is –fifty-seven thousand to thirteen and a half thousand dollars.

More than sixty percent of the citizens of Saint Petersburg own their homes.

Housing market analysis

Analysts recommend paying attention to living in different areas of the city. Let's take a look at several places that offer a variety of housing options:

• Bayway IslesThe prices for housing range fromfrom one hundred fifty thousand to three and a half million dollars;It's only twelve minutes from the city center.
• Casa Del MarIt mainly consists of condominiums, offering apartments ranging fromfrom seventy-five to five hundred seventy-five thousand dollars.
• Colonial PlaceHere you can find houses with prices starting fromone hundred thousand to seven hundred thirty thousand dollars.
• Harcourtprovides a variety of options for purchasing housing, with prices starting fromfrom two hundred fifty to six hundred thousand dollars;mostly houses with the same surname.
• Forbes Park Robertaone of the most affordable areas, with property prices starting fromfrom seventy-five to three hundred thousand dollars;The sizes of the plots are usually small.

Economic indicators

In 2021, the unemployment rate in the city was4.6%, and the level of poverty –13.4%Among the largest employers are companies like Jabil, Raymond James, and HSN. Residents also find jobs in the fields of financial services and trade.

The average time spent commuting to work is just over.twenty-three minutes,What is the shortest indicator among all districts? For every thousand residents of the city, it has been recorded.6.01 cases of crimes.

Cape Coral

Cape Coral, known as the "water wonder," is located in southwest Florida on the Gulf of Mexico coast and is famous for its extensive...640 kilometers of navigable canals.Interstate 75 connects the city with other important regions of the west coast of the state, and Southwest Florida International Airport is just half an hour away.

The city is abundant in waterways, and its beach infrastructure is well-developed. Locals can enjoy amazing opportunities for observing marine life, including dolphins!

In Cape Coral, there are also many parks, eco-trails, and a nature reserve.Four Mile Cove.As of 2019, the population of Cape Coral is200,972 people.

Population growth

In the last ten years, there has been a significant population growth of 26%. This figure is quite impressive compared to the results of other cities mentioned in the list, and it stands out even more against the backdrop of all other settlements.

Education

The city offers its citizens an extensive network of educational institutions. Here, one can receive an education at a technical college or at Florida Gulf Coast University, which is just a thirty-minute drive from Fort Myers. Cape Coral has 27 public and 56 private educational establishments, ensuring residents a wide range of educational programs.

Cost of living

When considering the standard of living, it is 4% higher than the national average; however, when compared to New York, it is important to note that the figures here are 45% lower. The process of acquiring real estate does not pose difficulties for local residents: the average price of housing is$229.4 thousandwhile the median family income is at the level of$61.6 thousandThe ratio of monthly expenses for rent and utilities to income is also quite acceptable - about$61.6 thousandto$15 thousandIt is astonishing that74.5%Residents have become owners of their homes, which indicates the stability and prosperity of the population.

The best neighborhoods to live in Cape Coral

When choosing the best neighborhoods to live in Cape Coral, several attractive areas can be highlighted:

• Gator Circle– this is the newest district, created in 2004, where housing prices range from$250 thousandto$450 thousand.
• Sunset Pointe- here you can buy a house in the range$300,000 - $525,000and the main development includes single-family residential houses.
• House of Flowers- here you can find condominiums built mainly in 2012, at a more affordable price range.$175,000 - $250,000.
• Sandy Circle- The prices are comparable to Casa di Fiori, although the houses were built much earlier - in 1975.
• Blue Heron- The price in the area remains at the level of previous diverse neighborhoods.

Labor market

Speaking about employment and the level of activity, in 2021, unemployment was4.6%and the poverty level is recorded at10.4%The main employer in this area isViking ConstructionMany residents also find job openings inCentury 21 Sunbelt RealtyandSellstate Priority RealtyThe time spent commuting to work usually does not exceed30 minutes.

Safety

The issue of safety in Cape Coral is at a high level: there are only a few incidents for every thousand people here.1.16 crimesthat is significantly below the average figures for the state and the entire country.

Palm Bay

Let's move on to Palm Bay, located in central Florida, on the east coast. Getting to this city is quite easy — there is a convenient exit to Interstate 95 within the city limits, and the Melbourne airport is just a few minutes away.

Palm Bay has115.5 thousandthe population of which has increased by11.1%from April 2010 to July 2019. The city is notable for its green spaces: you can find parks here.Castaway PointandTurkey Creekand also a regional parkFred Poppeand numerous walking paths leading to beaches with picturesque views of the ocean. These natural attractions make Palm Bay a truly desirable place to live.

Educational infrastructure

The educational infrastructure in the region is at a fairly average level. A key element is the Eastern Florida State College, which includes 25 public educational institutions and 45 private ones. However, the most prominent representative among educational institutions is the University of Central Florida, located just an hour's drive from the city.

In Palm Bay, there are modern hospitals, and in nearby Melbourne, there is a Regional Medical Center that offers a wide range of medical services.

Cost of living

It is worth noting that the cost of living in Palm Bay is 11% lower than the national average, which creates comfortable conditions for potential residents. The real estate market here also shows affordability:

• The ratio of the average housing cost to the median annual household income is $155.2 thousand to $51.4 thousand.
• In the category of income and rent, this figure looks like $51.4 thousand to $12.7 thousand.

It is noteworthy that74.5% of residentsown their homes.

Recommended areas for buying property

When choosing a place to live, experts recommend paying attention to several neighborhoods:

• WaterstoneThe cost of houses ranges from $175,000 to $350,000. This is a suburban area with many single-family homes.
• Parkside WestHere, prices start at $250,000 and go up to $350,000.
• Magnolia Park at Bayside Lakesoffers more spacious homes, with prices ranging from $275,000 to $350,000.
• Riviera KeyThe property price ranges from $200,000 to $275,000, located near the highway with sufficient greenery.
• Port Malabar Country ClubA more affordable option with prices ranging from $150,000 to $450,000.

Economic situation

The unemployment rate in Palm Bay is 4.3%, and the poverty rate is 13%, which is above the national averages. The largest employers include companies such as MC Test Service, Advanced Magnet Lab, and ISO Group, which are actively developing the aerospace industry.

On average, locals spend about 26.5 minutes commuting to work. It is also worth noting that for every thousand residents of Palm Bay, there are only3.43 violent crimesthat are below both the average state and national indicators.

Palm Coast

Palm Coast, located one hour south of Jacksonville on Florida's east coast, is easily accessible via Daytona Beach International Airport, which is just 45 minutes south of the city, or by Interstate 95. The population of Palm Coast is approximately 90,000, placing it at the bottom of various urban rankings; however, from April 2010 to July 2019, the population increased by 19.4%.

The distinctive features of this area largely coincide with the previous regions: there are vast natural spaces, parks, eco-trails, beaches, and golf clubs.

Education in Palm Coast

In the field of education, Palm Coast is on par with other areas of similar size: the quality of local colleges and schools (10 public and 25 private) exceeds the national average. Visually and infrastructurally, this region supports a developed and diverse educational environment, which attracts a young population and contributes to dynamic active development.

Cost of living

The cost of living in this city turns out to be 4% lower than the national average, but it is 3% higher than in Jacksonville. Let's consider housing affordability: the ratio of the average annual property value to the median household income is $209.3 thousand to $54.3 thousand; meanwhile, incomes compared to expenses on rent and utilities are in the ratio of $54.3 thousand to $15.4 thousand. Interestingly, about 74.3% of residents become homeowners. It should be emphasized that life in Florida attracts many migrants, including green card holders.

The best neighborhoods to live in

The most suitable areas for living at the moment include:

• Palm Harbor:Housing prices start at $150,000 and can reach up to $450,000.

The real estate market in Miami

In recent years, the real estate market in Miami has become increasingly attractive for both local and international buyers. Whether you are looking for appealing investment options or simply want to purchase a home for yourself, we have a wide selection of offerings. Our catalog features apartments of various sizes and price ranges.

Interesting real estate properties

One of the most interesting properties is an apartment located in Miami with a total area of 120 square meters. This living space includes three bedrooms and two bathrooms, making it ideal for a family. The convenience of this deal lies in the possibility of using...cryptocurrenciesfor payment, as well as the ability to conclude a deal remotely, which significantly simplifies the purchasing process.

I will be happy to answer your questions related to this property and the overall market situation. With my experience in selling residential and commercial properties in South Florida, you will be able to make informed decisions. We also offeronline showsthat allows you to view the apartment without leaving your home.

Other suggestions

In addition to this, we can offer another apartment with an area of 110 square meters, which also has three bedrooms and two bathrooms, as well as all the necessary amenities for a comfortable life. This property is also available for purchase usingcryptocurrencies...which makes it particularly interesting for modern investors.

• Apartment 110 sq. m:
• 3 bedrooms, 2 bathrooms
• Payment in cryptocurrency

If you have any questions or need additional information, please don't hesitate to reach out, and I will help you with your choice.

Compact housing options

In addition, we also have a more compact option in the form of an apartment with an area of100 square metersIt also includes three bedrooms and two bathrooms. As in the previous examples, this offer allows for the possibility of a remote showing and transaction processing.

I am ready to help you understand all the details of this assessment object and provide recommendations for the next steps.

Cozy apartments for permanent residence

We are also happy to offer you a smaller apartment —70 square meters, which includes two bedrooms and one bathroom. This cozy apartment is perfect for both permanent living and renting out. Payment for the property can be made incryptocurrencythat makes the purchasing process more flexible and convenient.

If you have any questions about this property or the market in general, I am always ready to help you with answers and offer the most sought-after housing options in South Florida.

Support in choosing real estate

My colleagueDmitry BaranovA member of the Square Estates LLC team will be happy to provide you with all the necessary information to help you find the perfect apartment. We have a large database of both new developments and the secondary market, which offers our clients a wide range of options.

Conclusion

Don't miss the chance to make a profitable investment in real estate in one of the most attractive cities in the United States, where everyone can find the right option. I am always available and ready to assist you on your journey to a successful purchase. Feel free to reach out for a consultation, and I will be happy to support you in your endeavor.

Real estate listings from Square Estates LLC

At Square Estates LLC, we are pleased to offer you a variety of unique real estate properties in the sunny city of Miami, located in the USA. Among our interesting offerings is an apartment with an area of 70 square meters, priced at 125,570 euros.

This cozy option includes:

• two bedrooms,
• one bathroom,
• parking space.

For your convenience, we have organized online viewings, allowing you to explore the property without leaving your home. We also offer the option of remote transaction processing usingcryptocurrency assetsorcreditIf you have any questions about this apartment or other aspects of the real estate market in Miami, feel free to reach out.

Professional help

Our experienced brokerDmitry BaranovI would be happy to assist you in finding housing as well as selecting commercial real estate in South Florida. We have a wide database of both new constructions and secondary market properties, which will give you the opportunity to make the best choice.

Other real estate options

In addition, our portfolio includes an apartment with an area of 90 square meters, featuring two bedrooms, a bathroom, and two parking spaces, priced at 768,562 euros. Online viewings are also available here.

If you are interested in this offer or would like to learn about other options, we are ready to answer all your questions.

Additional suggestions

In our catalog, there is also a more spacious apartment with an area of 100 square meters, priced at 343,533 euros. This living space includes:

• three bedrooms,
• two bathrooms,
• two parking spaces.

The ability to conduct online showings and finalize deals remotely continues to be an important service we provide to ensure comfort and convenience for our clients who have access to modern technology.

Apartments with high prices

In addition, we offer you an apartment with an area of 75 square meters for the price of 825,527 euros. This apartment also includes two bedrooms and one bathroom.

We will provide you with all the necessary resources and support so that you can navigate the purchasing process without any difficulties, including access to virtual showings and closing deals.

The highlight of our catalog

One of the most impressive offerings is an apartment with an area of 300 square meters, valued at 4,000,069 euros. This spacious residence includes:

• five bedrooms,
• four bathrooms,
• six parking spaces.

This property could become your ideal place to live in South Florida, providing you with all the conditions for a comfortable life that meets the highest standards.

Investment opportunities

If you are interested in investment opportunities in real estate in Miami, feel free to contact us. We will be happy to assist you not only in choosing the perfect property but also in preparing all the necessary documents, including financing and transaction matters.cryptocurrencies.

Our top priority- professionalism and attention to your needs. Dmitry Baranov and the Square Estates LLC team are ready to provide a full range of real estate services to ensure that your purchase is as comfortable and profitable as possible.

Welcome to the world of new opportunities

With Square Estates LLC in Miami!

Real estate listings from Square Estates LLC in Miami

Square Estates LLC offers a wide range of real estate in Miami, USA. Among them stands out a remarkable loft with an area of 300 square meters, listed for sale at a price of €3,218,446. This stylish loft includes 5 bedrooms, 4 bathrooms, and 5 parking spaces.

For the convenience of customers, online viewings are available, allowing them to familiarize themselves with the property without leaving home. We support a variety of payment options, including the possibility of payments incryptocurrencyand we also offer lending services.

If you have any questions about this property or the real estate market in Miami, feel free to reach out to us for advice. I would be happy to help you find both residential and commercial properties in sunny Florida. We have a rich database of both new projects and secondary market properties, which allows our clients to find the right option.

Additional apartments

We also have an apartment available in Miami priced at €3,213,848. It has an area of 260 square meters and includes 5 bedrooms, 4 bathrooms, and 5 parking spaces. We offer the option for online viewings and can arrange remote transactions, which significantly simplifies the purchasing process.

Our team is always ready to answer any questions so that you can make an informed decision when purchasing real estate. We will do our utmost to ensure that your experience with us is as comfortable and safe as possible.

Unique villas in Miami

Another attractive offer from Square Estates LLC is a villa in Miami for €2,754,070. It has an area of 340 square meters, consisting of 6 bedrooms, 5 bathrooms, and 5 parking spaces. The option for online viewings and remote transaction completion makes purchasing this villa particularly convenient.

We acceptcryptocurrencyAs one of the payment methods, it highlights our readiness to meet the modern market demands. If you are interested in this villa or other offers, please let us know, and we will be happy to provide the necessary information.

Apartments at affordable prices

Additionally, we have an apartment in our catalog priced at €1,839,112, with an area of 140 square meters. The property includes 3 bedrooms, 2 bathrooms, and 2 parking spaces. As with our other listings, we offer the option of online viewings and remote transaction processing, making the purchasing process as simple and convenient as possible.

If you have any additional questions regarding this apartment or the real estate market in general, please feel free to reach out to me.

Available houses in Miami

Another interesting property we offer is a house in Miami, priced at €1,609,223. The area of this house is 200 square meters; it includes 4 bedrooms, 3 bathrooms, and 3 parking spaces. We also offer the option of online viewings and remote transaction completion.

All information on the specified objects is available upon your request, and I will be happy to assist you at any time.

Personal recommendations

My name is Dmitry Baranov, I am a real estate broker and I am ready to share my experience. If you are interested in purchasing residential or commercial property in South Florida, you will have access to a wide range of new developments and secondary market properties.

I would be happy to assist you at every step of the purchase so that you can make the right choice. Feel free to reach out if you have any questions or need additional information!

Conclusion

In conclusion, I want to emphasize that the real estate market in the USA continues to be dynamic and at times unpredictable, especially in light of the consequences of the COVID-19 pandemic, which have had a significant impact on price formation. The average home price exceeding $375,000 presents serious challenges for potential buyers, but at the same time opens up new opportunities for investment and improving quality of life.

Florida, as one of the most attractive states for buying real estate, especially for Russian-speaking buyers, offers a variety of options, from affordable cities like Jacksonville to more expensive areas. Everyone is wondering: how to choose the perfect city to live in? The answer depends on many factors, including budget, lifestyle, and personal preferences.

Factors influencing the real estate market

• Economic conditions
• Availability of mortgage lending
• Interest of the population in certain regions

The real estate market is always subject to fluctuations, and while there is currently a rise in prices, this may create new opportunities for those ready to buy. There are also many factors that can influence the future value of housing.

Advantages of Jacksonville

As I saw from the analysis, Jacksonville attracts not only with its affordability but also with its quality of life, including:

• Education
• Medical care
• A clean, safe environment

Nevertheless, each city has its unique advantages and disadvantages that should be considered when making a purchasing decision.

Thus, the process of choosing a home requires careful analysis, comparison, and consideration of all factors. I hope this information helps you in your search, and that you can find comfortable and affordable housing in one of the wonderful cities in the USA. Keep an eye on the market, be ready for changes, and may your new home become a cozy haven!