![]() Johnson said the large number of out-of-state investors that purchased homes and apartment complexes in North Florida is actually a good thing for the local economy. So no one’s getting out of this unscathed,” Johnson said. ″So you’re going to see prices decline, significantly in many areas like Youngstown, Ohio, Buffalo, New York where you’re getting that departure of population. In contrast, Johnson said in other metropolitan areas which are seeing a population decrease, homeowners there could see the value of their homes decline. Rent in Jacksonville was 20% higher in April compared to a year ago, according to a new analysis from Redfin. ![]() Johnson said in states like Florida where there’s a severe shortage of available housing, and an influx of new people, he said the value of homes will remain high, and so will rent. ![]() But everybody doesn’t have the same set of circumstances or the same backdrop that Jacksonville does,” said Johnson. So this is occurring not only in Jacksonville but many cities around the country right now. “There’s going to be some repercussions, there’s going to be a reckoning. What’s next won’t be good for everyone, according to real estate economist Ken Johnson. The nationwide median price of a home is at an all-time high, a record $391,200. Home sales fell for the third month in a row in April, according to the National Association of Realtors, as rising mortgage rates and affordability challenges continue to push would-be home buyers out of the market. News4JAX spoke to a Florida Atlantic University economist who explained why financial hardships could be on the horizon. Real estate prices have been soaring in Florida and across the country, but industry experts say there’s going to be a reckoning. – A warning from economists on what the future holds for homeowners and renters.
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