NORTHEAST TALLAHASSEE, FL — While national reports suggest the broader housing market is moving toward a more balanced state, local experts describe Tallahassee's market as "in flux."
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Florida State University's DeVoe Moore Institute Director Samuel Staley says the region faces a complicated mix of students, state employees and other workers all competing for the same limited housing supply.
"We're very concerned about the rising price of housing, which is making it less and less affordable to live in this area and our research suggests that we are way behind in building housing," Staley said.
According to Zillow, the average home in Tallahassee costs about $291,000, while renters pay about $1,525 per month on average.
Staley says his research estimates a household would need to earn more than $100,000 a year to afford what is considered affordable housing in Leon County.
“Right now, we have middle-income housing that's being built. We have upper-income housing that's being built,” Staley said. “But that's not where most households are. We need to figure out ways to streamline and reduce the cost of bringing more units online that meet the needs of those more affordable levels.”
If the market remains steady, Staley says it could take 4 to 5 years to reach a true balance.
However, major upcoming projects — including a proposed Buc-ee's and the TMH-FSU merger — could bring an influx of new workers that keeps pressure on the market.
He predicts Leon County needs hundreds, if not thousands, more units.
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