Florida Association of Mortgage Professionals Tackles Affordability

The Florida Association of Mortgage Professionals (FAMP) is actively pursuing two key initiatives—a property tax amendment and a condo rule change—to address the escalating affordability crisis in Florida. FAMP President Orlando Diaz, a mortgage industry veteran with three decades of experience in Florida, highlighted in an interview with HousingWire that the combination of elevated mortgage rates, increasing taxes, and rising Homeowners Association (HOA) costs is placing significant financial strain on both prospective homebuyers and existing condo owners, particularly impacting retirees living on fixed incomes. Diaz emphasized that while interest rates and overall housing prices are largely beyond legislative control, the association's focus is on influencing insurance and tax policies, which are more amenable to legislative action. The migration of residents from states with higher costs of living has intensified demand and driven up prices not only in major metropolitan areas like Miami, Tampa, and Orlando but also in smaller communities such as Cape Coral, Port St. Lucie, and Brandon. Census data indicates that over 870,000 individuals relocated to Florida in 2024, with approximately 50,000 of these new residents originating from New York. According to HousingWire's data, the median list price in Florida has seen a slight decrease of around 2% year-over-year, currently standing at $482,000. However, specific ZIP codes within Port St. Lucie are experiencing median prices ranging from $505,000 to $519,000, illustrating persistent affordability challenges in certain areas. While the property insurance landscape has shown improvement with the return of more insurance carriers and less severe hurricane seasons, leading to stabilized insurance costs, property taxes continue to be a substantial burden for Florida residents. FAMP is lending its support to a constitutional amendment slated for the November ballot. This proposed amendment aims to gradually eliminate property taxes on a portion of primary residences by progressively increasing homestead exemptions over time. The measure, which requires a 60% voter approval to pass, includes a mandatory five-year residency requirement for individuals newly eligible for the exemption and incorporates safeguards to ensure the continued funding of essential public services, such as education. Diaz indicated that the successful passage of this amendment could lead to significant alterations in how mortgage payment calculations are performed for Florida borrowers. Furthermore, Diaz pointed to the ongoing need for comprehensive solutions to the state's housing affordability issues, acknowledging that while legislative action can mitigate some costs, market dynamics and continued population growth present ongoing challenges.