By: Alexa Santos | NBC2
It’s been about a decade since the last housing crisis, and economists warn that another national housing crisis is upon us.
There’s plenty of homes being bought and sold in Southwest Florida, but real estate experts said Collier County is unique due to how many wealthy people live in the area.
“We’re seeing a lot of new developments to the north of Naples, and the east and the south,” Premier Sotheby’s International Realty sales associate Joshua Eckert said.
In fact, realtors say more than 3,000 new homes have been built in the area in the last two years, making it a buyer’s market currently.
“It’s going to be a great 2019, we’re going to see a lot of sales, a lot of people coming from all over the place,” Eckert said.
But something Collier County is still working on is providing housing options for people in lower income brackets.
The Florida Housing Coalition said statewide the lack of affordable housing is its own crisis.
“The workforce in Florida, in general, doesn’t get paid that much,” Jaimie Ross, CEO of the coalition, said. “They’re priced out of the housing in the community.”
Economists said higher mortgage rates and not enough affordable places to live are contributing to a looming national housing crisis.
In Florida, a new Senate bill is proposed to keep affordable housing funds from being swept to other funds.
“Even though these monies are dedicated to affordable housing, they’re not being used for that purpose, and that has created a huge problem,” Ross said.
So while many of the wealthy in Collier County may escape a housing crisis without any worry, on a broader scale, it’s something experts said needs more attention.
For people moving into Collier County on a tighter budget, Eckert suggests you figure out how you’re willing to compromise on what you want and what you can afford.
Part of the recently approved one percent sales tax increase in Collier County is aimed to provide more affordable housing.
Article last accessed here on January 8, 2019. A print-ready version is available here.