How Rising Lumber Prices Could Make Florida Housing More Expensive

In many parts of Florida, aggressive appreciation has driven up the cost of housing at all price points. This has occurred during a time when wages have remained mostly stagnant. The result is a lack of affordable housing, and this crisis has been exacerbated by the coronavirus pandemic. Many workers have had hours cut or their jobs terminated entirely. These financial burdens have eased slightly as the nation’s economy slowly recovered from COVID-19.

Unfortunately, there are still other factors that continue to drive up the cost of housing in Florida. WEAR reports that lumber prices “skyrocketed” more than 180 percent between the spring of 2020 and spring of2021. This has had a drastic impact on the cost of building a new home, which now costs an average of $24,000 more to build, simply due to the cost of lumber.

The soaring costs do not just affect new home builds, either – after Hurricane Sally, many homeowners were shocked at the huge costs to make relatively small repairs to their homes. Drastic costs in any segment of the housing market can affect the costs of new home sales, resale homes, home repairs, and rental rates.

Many Florida families are still reeling from the devastating financial effects of the coronavirus. If you have been struggling to make rent or mortgage payments, there is still help available.

 
The experienced Oviedo and Casselberry eviction and foreclosure attorneys at Quattrochi, Torres, and Taormina are here to help you explore your options before these legal actions are taken. We can help you negotiate payment plans, explore emergency housing funds and programs, or secure more affordable housing for your family. We can also help protect your legal rights throughout an eviction or foreclosure proceeding. Call 407.452.4918 or contact us online today to schedule your free consultation.