Housing affordability an issue in South Florida
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