It takes more than 13 years of saving to afford a down payment in Miami: study

It takes the average Miami resident more than a decade to save enough for a down payment on a residential property, according to the Atlantic. By comparing local average wages from the Bureau of Labor Statistics’s Quarterly Census of Employment and Wages and local median home asking price listed on Trulia, the Atlantic calculated that on average it takes 13.1 years to afford the traditional 20 percent down payment in Miami.

Potential buyers in Fort Lauderdale and West Palm Beach fair better with just under a decade of saving. The study, which found the average weekly wage in Miami to be $893 and the median asking price to be $166 per foot, assumes that home buyers save 10 percent of their pre-tax earnings and that those earnings see 1.5 percent annual return. [Atlantic via HuffPo] – Christopher Cameron