Cape Coral is a modern American boomtown and is first for jobs growth over the last five years.
So says the new Housing and Mortgage Market review for Summer 2019. It is published by Arch MI.
Cape Coral is a modern American boomtown as it has the fastest growing job market in the county, with a 23% rise in employment over the last five years.
Jobs growth in Cape Coral has been driven by migration and better affordability compared to other coastal areas, says the report.
On average, 31% of the median household’s income is needed to cover mortgage payments on a median-priced home.
The report says, “Except for metros in California, all of the boomtowns still have reasonable affordability, which is helping to sustain the inflow of new workers.”
More young people are coming to Cape Coral. One in five (21.2%) of the population is aged 25-44, up 2.7% in the last five years.
In the year to Quarter 1, 2019, house prices rose 3.9% on average. There is a minimal risk ranking of home prices falling in the next two years, the report says.