The Real Deal Miami

SoFla near bottom on list of U.S. housing affordability

October 24, 2013 11:00AM

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Fisher Island, one of Miami’s more affluent areas

Although the cost of living isn’t quite as steep as Los Angeles, New York, San Diego and San Francisco, South Florida is one of the least affordable areas for housing in the U.S., the South Florida Business Journal reported, citing a study from North Palm Beach-based Interest.com.

Miami and the surrounding South Florida market took 21st place for housing affordability among the 25 biggest metro areas, with Atlanta and Minneapolis topping the list. The median household income there is 25 percent below the level needed to buy a house at present interest rates. South Florida’s rank on the list plummeted from 14th last year, amid rising housing prices and mortgage rates.

Last October, the Center for Housing Policy releasing a study calling Miami the least affordable city in the U.S. Housing and transportation costs eat 72 percent of a moderate income household’s wages, compared to the 59 percent national average among the top 25 U.S. cities, the study had said. [South Florida Business Journal]Mark Maurer

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