NORTHEAST TALLAHASSEE, FL \u2014 While national reports suggest the broader housing market is moving toward a more balanced state, local experts describe Tallahassee’s market as “in flux.”<\/p>\n
WATCH FULL REPORT BELOW:<\/p>\n
Tallahassee housing market ‘in flux’ as experts say region is way behind on building<\/p>\n
Florida State University’s DeVoe Moore Institute<\/a> Director Samuel Staley says the region faces a complicated mix of students, state employees and other workers all competing for the same limited housing supply.<\/p>\n “We’re very concerned about the rising price of housing, which is making it less and less affordable to live in this area and our research suggests that we are way behind in building housing,” Staley said.<\/p>\n According to Zillow, the average home in Tallahassee costs about $291,000<\/a>, while renters pay about $1,525 per month<\/a> on average.<\/p>\n Staley says his research estimates a household would need to earn more than $100,000 a year to afford what is considered affordable housing in Leon County.<\/p>\n \u201cRight now, we have middle-income housing that’s\u00a0being built. We have upper-income housing that’s being built,\u201d Staley said. \u201cBut that’s not where most households\u00a0are. We need to figure out ways to streamline and reduce the cost of bringing more units online that meet the needs of those more affordable levels.\u201d<\/p>\n If the market remains steady, Staley says it could take 4 to 5 years to reach a true balance.<\/p>\n However, major upcoming projects \u2014 including a proposed Buc-ee’s<\/a> and the TMH-FSU merger<\/a> \u2014 could bring an influx of new workers that keeps pressure on the market.<\/p>\n He predicts Leon County needs hundreds, if not thousands, more units.<\/p>\n This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.<\/p>\n Want to see more local news? Visit the WTXL ABC 27 Website. <\/a><\/p>\n Stay in touch with us anywhere, anytime.<\/p>\n Like us on Facebook<\/a><\/p>\n Follow us on Instagram <\/a>and X.<\/a><\/p>\n