The Real Deal Miami

FIU: Dade homes, rents out of reach

May 07, 2008 04:50PM

South Florida’s housing boom has been a disaster for many middle-income residents, pushing home prices and rents in Miami-Dade County far beyond most families’ ability to pay, according to a study conducted by Florida International University’s Metropolitan Center. Even after recent price drops, it said the “single-family home price of $306,100 remains unaffordable to approximately 85 percent of Miami-Dade County’s households. Further, the current average rent price of $1,354 far exceeds the affordability level of most households.” The same researchers have done similar studies, with similar findings, in Broward, Monroe and Palm Beach counties.