In Southwest Florida, High Home Insurance Rates Are Driving Away Would-Be Buyers
- Cape Coral, Sarasota, Naples see prices fall on higher supply
- Hurricane Ian worsened already rising homeowners rates
Homes for sale in Naples on Feb. 13.
Photographer: Lisette Morales McCabe/BloombergFlorida’s southwestern coast — long one of America’s fastest-growing regions — is losing some of its boomtown swagger as a home-insurance crisis and other soaring costs make homes unaffordable.
Homeowners from Sarasota south to Naples, known for its eight-figure waterfront mansions, are having a tougher time selling their properties, and the buildup in inventory has caused home prices to fall at some of the fastest rates in the nation. Realtors point to rising insurance costs that were exacerbated by Hurricane Ian in 2022, prompting some homeowners to list their homes for sale and would-be buyers to walk.