Florida has some of the most overvalued housing markets in the country
MIAMI - A new report shows that Florida is still one of the worst places for home buyers right now with nine of the top 14 most overvalued U.S. markets here in the state.
That has changed a lot since Florida Atlantic University and Florida International University started tracking where markets stand in the Sunshine State.
Researchers used public data and ranked the top 100 most overvalued metro areas. The study from April put Atlanta and Detroit at the top of the list. Miami ranked 14th with buyers having to pay nearly 40 percent more than what is the expected price.
This is the first time Florida cities are in the top 20 of the most overvalued in the country.
Supply and demand are key factors, but high rent and cost of living don't help.
"Miami was 74 and now we're 14. So this is a supply and demand argument, we have way too many people coming in, demand, and we're way short on the supply of housing we just cannot build fast enough," said Ken Johnson with FAU's College of Business.
Johnson said he doesn't see a crash in the market with so many people moving here.
