New York-based journalists love to write about how New York taxpayers shouldn’t flee to Florida. Here’s a recent example, “The Worst Housing Market in America Is Now Florida’s Cape Coral”:
The median home price soared nearly 75% to $419,000 in three years, transforming the character of this middle-income community that for decades has catered to retirees and small investors. … Home prices for Cape Coral-Fort Myers have tumbled 11% in the two years through May
So the prices went up about 56 percent, over a five-year period. That’s before adjusting for Bidenflation. What happened in the U.S. overall? Prices went from 218 to 331 (source), a rise in nominal dollars of 52 percent:
In other words, for people who bought a house five years ago (the average tenure in a house for an American is about 12 years), what the WSJ calls “the worst housing market in America” outperformed the U.S. residential real estate market overall.
What Zillow shows is that the Cape Coral market was more volatile than the national average:
So Cape Coral actually has been a bad market for home-flippers who had the misfortune to buy in at the peak, but for the typical Cape Coral homeowner it has been a better market (albeit, not by much) than the average U.S. real estate market. What about for the elites who put the Wall Street Journal together? How has their Manhattan real estate done by comparison? Zillow:
(“New York County”=Manhattan)
So Cape Coral is objectively speaking the worst housing market in the U.S. (reported as fact/news by the Wall Street Journal rather than as opinion). At the same time, people who owned property in Manhattan fared far worse over the past 6 years or almost any time window within those 6 years.
Related:
- “The Flight of New York City’s Wealthy Was a Once-in-a-Century Shock” (New York Times, 2022): “The Manhattan residents who moved to Palm Beach County had an average income of $728,351, IRS data showed.”