◆ Although a survey shows
that Metro Orlando homes rank among the least affordable in the South, house-hunters look to spend less still can find some options.
Metro Orlando homes rank among the least affordable in the South, according to a survey released Thursday, but some neighborhoods from Leesburg to Kissimmee can still be counted on for homeowners looking to spend less.
Orlando and surrounding counties rank 163rd among 237 metro areas measured nationwide by National Home Builders Association using data from realestate analyst CoreLogic. Its median home sale price of $236,000 for the quarter overall and median household income of $62,900 led to 56 percent of homes in the region being affordable for median-income families.
That placed Metro Orlando 68th among 80 regions in the South, but well ahead of Miami. Los Angeles and San Francisco were the least affordable in the nation, with dozens of western metro areas ranked below Orlando.
Homebuyers trying to shop on a budget in Central Florida have options, according to Orlando Regional Realtor Association data that shows the top 10 affordable ZIP codes have 965 homes listed for sale up to $239,180, the median price the association recorded in June. Those areas include Leesburg, Lady Lake and Deltona to the north as well as Kissimmee and Poinciana to the south. More central affordable areas include Williamsburg, Pine Hills and Edgewood.
ZIP code 34748 in Leesburg tops the local list with 131 properties listed up to ORRA’s June median price, while 32821 in Williamsburg and along International Drive closes out the top 10 with 68.
Most of the affordable areas require longer commutes, said Lou Nimkoff, ORRA President, and have stayed consistently affordable. Buyers looking to buy for less might need to carefully examine their needs between the short term and the long term, he said, offering a few examples.
“A newer family starting off that maybe doesn’t have kids might like to have a three- or fourbedroom house, but might buy a two- or three-bed if down the road they can see expanding it,” said Nimkoff, of Brio Real Estate Services. “Maybe it doesn’t have the community amenities they need, but it’s in a better school district. Or if they’d really like to have a house with a pool, maybe one doesn’t have a pool but has the land, and down the road they can put the pool in.” The top 10 ZIP codes for homes listed under $239,180, according to ORRA: Leesburg: 131 Deltona: 113 Kissimmee/Poinciana: 112 86 76
Celebration/Kissimmee:
108 Deltona: 102 Pine Hills: 93 Lady Lake/The Villages:
Kissimmee: 76 Kissimmee/Poinciana:
Williamsburg/International Drive: 68
Nimkoff said Realtors continue to lobby for Sadowski Act trustfund monies collected by the state to be used entirely for affordable housing as intended.
The national median homesale price measured by NAHB reached $265,000 for the second quarter, up $13,000 from the previous quarter.
"Tight inventory conditions and rising construction costs are factors that are holding back housing and putting upward pressure on home prices," said NAHB Chairman Randy Noel, a custom home LaPlace, La.
A strong economy and employment picture is expected to keep housing demand up during the remainder of the year, said Robert Dietz, NAHB’s chief economist — but trade concerns and higher mortgage rates could hurt affordability, he said.
Demand is higher here in part because builders are having trouble finding the workers they need in Metro Orlando, Nimkoff said, adding that some say only half the housing needed to build is being constructed.
“Builders continue to have a difficult time getting trades [workers] to build the houses they want to,” he said. “... We’re still not building the number of houses we were in 2008 on an annual basis, but the population continues to increase at a greater number than it did back then by a large margin.
Transportation improvements such as extensions of SunRail service and toll roads including the Western Beltway can push prices higher when accessibility increases, he said.
“Some people have held on to property for a long time waiting for those areas to be ready to develop,” he said. “That’s coming to fruition.” builder from