The Real Deal Miami

Miami area among nation’s least affordable

November 20, 2008 02:04PM

The area of South Florida encompassing Miami, Miami Beach
and Kendall is among the nation’s least affordable in terms of housing,
ranking 217th out of 222 areas surveyed in the National Association of Home Builders/Wells Fargo Housing
Opportunity Index. Meanwhile, as home prices have decreased, the number of
homebuyers nationwide who can afford to buy new and existing homes has reached its highest
level in more than four years. As of the third quarter, 56.1 percent of all
homes were affordable to families earning the national median income, $61,500.
At the peak of the housing boom, only 40.4 percent of homes were affordable.