South Florida housing market grows more overvalued

BOCA RATON, Fla. – The tri-county area of Miami-Dade, Broward and Palm Beach is climbing up the list of overvalued housing markets in the state, according to South Florida researchers.

Real Estate Economist Ken Johnson with the Florida Atlantic University College of Business said buyers are currently paying an almost 39% premium for typical properties in our area.

That places Southeast Florida as the 11th most overvalued area in the entire country and experts say that’s not likely to change any time soon.

“What that means in terms of affordability is unfortunately a prolonged period of unaffordable housing to the level where I incomes rise to the level where they’re more affordable,” Johnson said.

The joint report by FAU and Florida International University found, overall, the Sunshine State contains nine of the top 15 most overvalued and steadily rising metro areas in the country.