Summary
The article discusses how the rising cost of living in Florida, particularly in real estate, affects middle-class families. Eric Johnson's family moved to Florida in 2019 for the weather and affordable housing, but new legislation after a tragic building collapse has increased housing costs. These changes are making it harder for middle-class families to afford homes in Florida.
Key Facts
- Eric Johnson's family moved from Ohio to Florida in 2019 for better weather and affordable housing.
- They bought a condo in Jensen Beach, Florida, for $209,000 in 2017.
- Florida housing prices have increased significantly, with median prices reaching $405,900 in May 2022.
- The collapse of Champlain Towers South in 2021 led to new building safety laws in Florida.
- These laws require condo associations to ensure buildings are safe and maintained, leading to higher costs.
- Johnson's condo association needs to spend about $3.1 million on repairs, costing each unit owner about $43,000.
- The Johnson family took out a second mortgage to handle the increased costs.
