Florida Snowbird Haven Hit Hard by Soaring Home Insurance Rates

Homeowners in Florida's southwestern coast, known for its fast growth and affordable housing, are struggling to sell properties due to soaring home insurance rates, exacerbated by Hurricane Ian in 2022. This has led to falling home prices and a buyer's market, impacting the region's real estate industry. The insurance crisis, along with high mortgage rates and a surge in multi-family residential projects, has contributed to the decline in housing demand and affordability, prompting some residents to seek less costly areas.