It’s been challenging, but the real estate market in Alachua County and all of North Central Florida has remained stable despite a pandemic that is now stretching into its ninth month. And two of the cities leading the way in stability statewide are High Springs and Lake City.
According to the financial website SmartAsset.com, those two cities are in the top 10 in Florida for stability and affordability according to its sixth annual study and rankings.
In the study, Smart Asset measures stability with two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity. To measure risk, it used the percentage of homes that decreased in value. To determine housing market fluidity, it looked at data on the average time a ‘for-sale’ home in each area spent on the market – the longer homes take to sell, the less fluid the market. It calculated affordability by determining the monthly cost of owning a home as a percentage of household income in each city.
And after the calculations, Lake City ranked in as #3, while High Springs was #6.
“This a testament to our way of life,” said High Springs Public Information Officer Kevin Mangan. “We pride ourselves in community. From the many civic organizations to highly rated schools, and a team of city staff and commissioners dedicated to improving our community, it’s no wonder we’re such a sought after area.”
To see the full study, go here.