Floridas middle class is on the verge of extinction in some parts of the state as they face a fresh real estate crisis fueled by extreme weather.
Hurricanes Debby, Helene and Milton most recently struck the Sunshine State, killing hundreds of people and destroying thousands of homes and businesses through a record-breaking August to October period.
Florida native and former real estate agent Ro Barber told DailyMail.com that house, mortgage and insurance prices have rocketed in response, creating a perfect storm for middle-income homeowners and renters in the state.
We push out the middle class every time after a storm like this, said lifelong St Petersburg resident Barber, 38.
Its not because of the storms that people move away - its the real estate trends that come after... all of the rental prices go sky-high and people just get priced out.
There has to be a point where you go can I afford to rebuild my life here or do I go?
Florida s middle class is on the verge of extinction in some parts of the state as they face a fresh real estate crisis fueled by extreme weather
Florida native and former real estate agent Ro Barber told DailyMail.com: We push out the middle class every time after a storm like this
Insurance experts told DailyMail.com that premiums have sky-rocketed in recent weeks, prompting many lifelong residents to contemplate moving out of state for the first time.
Phil Crescenzo Jr., Vice President of the Southeast Division at Nation One Mortgage Corporation, said middle-income people are leaving coastal flood zones like Hillsborough County, which encompasses Tampa, and nearby Manatee County.
They tend to go inland, with places like New Port Richey, Mango and Pinellas Park seeing an influx of domestic climate refugees from the east coast.
He said the real estate nightmare is compounded by the rising cost of living squeezing middle-income earners.
The challenge right now for all middle class is the cost of most goods increasing due to inflation, Crescenzo told DailyMail.com.
Many categories are making added housing expenses even more magnified in this current state of the economy.
Floridas middle class is defined as anyone earning between $45,278 and $135,834 as of 2022, according to analysis from GOBankingRates.
Tampa house prices have gradually been climbing to a median sale price of $447,000 in September 2024 - an 8.2 percent increase from the previous year, and up from around $240,000 in September 2019.
Phil Crescenzo Jr., Vice President of the Southeast Division at Nation One Mortgage Corporation, said middle-income people are leaving coastal flood zones like Hillsborough County, which encompasses Tampa, and nearby Manatee County
In this aerial view, boats are piled up in front of homes after Hurricane Helene hit the area as it passed offshore on September 28, 2024 in Treasure Island, Florida
Debris is seen in front of the Thunderbird Beach Resort in the aftermath of Hurricane Milton in Treasure Island, Florida, on October 11, 2024
Though Barber is a diehard St Petes lifer, she conceded that she wouldnt be able to afford moving there today.
I bought my house in 2014 with a handful of blueberries compared with todays prices, she told DailyMail.com.
I paid $450-per-month mortgage back then. It would cost $4,000 to $5,000 per month if I bought it now. I could never afford to move here now.
Barber said shes seen certain areas become gentrified - as only the rich can afford to live in some places now.
In fact, many elites - particularly from New York - are flocking to Florida to take advantage of its zero income tax and sunny beaches.
Barber, whose parents moved over from New York themselves decades ago, offered her home to people forced out of their houses during the latest spate of hurricanes in Florida.
She listed the property on Airbnb for the minimum charge - $8 per night - for those needing shelter from Hurricane Milton after being horrified by the destruction Helene wreaked just a week before.
Im homegrown Florida. I dont take hurricanes very seriously, Barber told DailyMail.com.
But after I saw how bad Helene devastated our area, I thought, okay, thats not good. People hadnt even unburied themselves from that storm when Milton hit.
My house is a half mile from the water but its 40 feet above sea level. I bought my house strategically, she added.
Over several weeks, Barber housed at least 11 people in her four-bedroom home, including an elderly woman from a mobile home in the flood zone, and construction workers drafted in for recovery efforts.
In this aerial view, the roof of Tropicana Field is seen in tatters after Hurricane Milton destroyed it as the storm passed through the area on October 10, 2024, in St. Petersburg, Florida
Debris is seen on a street in the aftermath of Hurricane Milton in Treasure Island, Florida, on October 11, 2024
Finance guru Suze Orman told DailyMail.com in March that the impact of climate change on soaring property insurance premiums is destroying the American dream of home ownership.
The 72-year-old gave up on cover for her own 2,100-square-foot, ocean-side condo in Florida after she was quoted $28,000 a year by her insurer.
Last year, the US experienced 28 natural disasters which each cost at least $1 billion, according to the National Oceanic and Atmospheric Administration.
As a result, the national average price of home insurance has shot up by 23 percent to $1,759 a year between January 2023 and 2024, figures from Bankrate show.
Floridas condo market is also experiencing the worst real estate crisis in decades but for a completely different reason.
Insurance costs have soared in Florida - with experts pinpointing Tampa (pictured), Sarasota, and Manatee counties as among the worst-hit areas
Following the collapse of the Champlain Tower South in Miami-Dade county which killed 98 people in 2021, legislation was brought in at a cost to condo owners. (Pictured: Miami)
Following the collapse of the Champlain Tower South in Miame-Dade county which killed 98 people in 2021, legislation was brought in at a cost to condo owners.
Under the new laws, all condos above three stories which are 30 years old or older must undergo an inspection by a qualified architect or engineer.
If substantial structural deterioration is found, the condo owner will be on the hook for the repairs and will need to come up with possibly hundreds of thousands of dollars to fix their property within a year.
The law, though well-meaning, has prompted a rush to sell properties to avoid the December 31 inspection deadline.