[est31]

There are multiple ways this can happen:

* people in the area are not owning their houses, but (the companies owned by) people who live somewhere in Florida do (or the richer part of the same town)

* people bought their houses 40 years ago when it was still possible to do so, but would now be totally priced were they required to buy it now

* same but the rental equivalent for rent controlled apartments (or kind landlords)

* due to the interest rate increases, mortgages for new homes have increased rapidly, like even if the house price is the same as 1.5 years ago, the mortgage is now three times as much for the same down payment and duration.