Housing affordability an issue in South Florida

Zillow report shows many buyers are getting priced out of typical homes

TRD MIAMI /
Apr.April 07, 2014 03:00 PM

South Florida homes are affordable when compared to historical prices, but many properties are too expensive for today’s buyers, the latest report from Zillow.com shows.

Buyers in Miami-Dade, Broward and Palm Beach counties spend $722 of their monthly income on mortgage principal and interest. That is 12 percent below what was spent during the pre-bubble period between 1985 and 2000.

About 62 percent of homes up for sale now in the tri-county area are not affordable for those making the median household income of $47,715, however. No other major metropolitan area in the U.S. has such a high percentage of residents unable to afford median priced residence, according to the Sun-Sentinel.

The median list price for homes on the market was $250,000 at the end of 2013. The median value of all homes and condos in the region ended the year at $184,600.

South Florida “housing in general is somewhat more affordable than it has been historically, but there are fewer affordable homes to actually buy,” Zillow’s chief economist Stan Humphries said. [Sun-Sentinel]Eric Kalis


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Pharrell Williams (Credit: Ethan Miller/Getty Images)

South Florida by the numbers: Bright spots in a challenging market

South Florida by the numbers: Bright spots in a challenging market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...