The Real Deal Miami

Housing affordability an issue in South Florida

Zillow report shows many buyers are getting priced out of typical homes
April 07, 2014 03:00PM

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