Flushing Beach, a seaside town north of Miami, is the most expensive residential area in Florida, with home prices soaring by more than 2,000 per cent in the past year.
Residents are spending more than $5,000 on an average home and $3,000 more on a condo.
Flushing is the city’s most affordable, but residents are still struggling to afford the high prices.
Flushed Beach’s median home price of $1.9 million was almost $400,000 higher than the national median of $2.35 million.
The median income in Flushing, which has a population of 990,000, is $33,800 a year, according to the most recent census figures.
Flush Beach, which lies near Miami Beach, is one of Miami Beach’s wealthiest areas, but the city is struggling with soaring costs.
The city’s median property tax rate is $14.88 per $100,000 of assessed value, according the latest figures.
Residents of Flushing pay more in property taxes than in almost any other area of the state, including Naples, where the median home tax rate was $11.30 per $500,000 assessed value.
Flushes population is shrinking and is now down to 890,903 people, down from 932,874 in 2017.
Property values are also plummeting, according a recent report by the Florida Association of Realtors, which noted the decline in home prices.
The association said that in 2019, Flushing home values fell by 9.3 per cent to $5.5 million.
According to the association, the city of Flushed was the first place in Florida to go from being one of the nation’s top-10 fastest growing cities in population to becoming one of its worst-performing.
The Florida Association noted the flushing market has seen many other communities, including Miami Beach and Miami-Dade, take a similar path.
“These are communities where the population has decreased by 30 per cent,” said David J. Hagerty, a senior vice-president at the association.
“So they’ve had to move to accommodate the population.”
In Flushing’s case, the decline is not limited to the population.
The average age of residents in Flushes home is 30.
The area has a median household income of $58,000 a year.
That is down from $63,000 in 2016, and the median age of Flushes residents is now 30.
But, Flushes median property value is still higher than that of most of Miami-Orlando and Palm Beach.
It is now worth more than the median annual income of about $40,000 for a family of four in Florida.
The property tax bill is also high in Flushed, and residents are paying $7,500 a year more than their national median income.
The condo market is also a major issue in Flush, with condo prices reaching record levels, according at least one property developer.
“There are lots of condo owners who have bought and sold in Flusher for years,” said Richard J. Furlong, owner of JFFC, a company that manages the Flushing waterfront.
“It’s a bit of a nightmare.
The market is so high, the prices are crazy.”
Furlung said the condo market was so high in the early 1990s that some buyers and sellers simply lost their homes.
The problem is the condo boom has slowed and now the market is recovering.
In Flush and the surrounding communities, property values have fallen dramatically in recent years, with prices up by over 5 per cent and condo sales down about 9 per cent over the past decade.
Property owners in Flutter are still facing a $2,000 monthly water bill that can be crippling for families.
“People are just living paycheck to paycheck,” said Furlund.
“If they’re paying their water bill, they have to take out more debt to pay for it.”
Flushing Mayor Scott Harned said he was surprised that Flushing had such a high price tag on its housing.
“I thought we were just a suburb of Miami,” he said.
“But now I think we’re not even that far from Miami.”
A number of residents have called the mayor to complain about the high property taxes.
The mayor’s office did not respond to multiple requests for comment.
The latest figures are also an embarrassment for Flushing.
In 2016, the median income of Flush was $35,000 and the city had the second-highest population in the state.
The population of Flusher was about 3,000 people.
In 2017, the population was 4,400 and the state’s second-largest city had about 1,300 people.
Flusher is also one of several Florida cities that have seen residents move to other areas to avoid taxes.
“We are just not in a position to pay these taxes,” said Flushing City Councilman Joe DiCiccio.