Inflation, Demand Cause For Florida's Overheated Housing Costs, DeSantis Says

MIAMI (CBSMiami) – South Florida's overheated housing costs continue to go up and Governor Ron DeSantis says inflation is one of the main contributors to the huge spike in the housing market.

Within the last year, the cost to rent and buy homes in South Florida has soared to new levels, leaving many struggling to find affordable housing.

Miami Mayor Francis Suarez says there is a huge demand and not enough supply.

He's hoping their plans to build new residential sky rises will help balance things out, but Gov. DeSantis, at a news conference in Miami on Tuesday, said inflation and the cost of construction is a major contributor to the sky-high rents.

"We have a lot of people that have wanted to leave high tax states, lock down states, crime infested states to be able to come to Florida," he said. "There's just going to be a certain amount of demand.  I think eventually it'll come down to planet Earth a little bit, but the inflation I think is the biggest threat."

There are more than a dozen residential high rises already under construction or approved to start building.

Housing costs in Florida are rising faster than the national inflation rate, as prices on average are up between 30-45% in some areas of Florida, depending on if you're renting or buying, and what city you're in.