American Dream Still Out of Reach for Many Despite Lower Home Prices

by Isaac Benmergui, Esq on March 20, 2013

SafeEven with home prices still at record lows and mortgage rates hovering near the same throughout the Miami area, many average South Floridians cannot yet afford to purchase the American dream or qualify for a mortgage.

In only 14 of the country’s 25 largest metro areas with median-size incomes can people afford to buy a median-priced home, according to a website published by Bankrate which used information from the Census, realty professionals and Experian, one of the three credit reporting agencies.

Miami is among the least affordable metro areas, even after years of declining prices. Now that prices are inching back up, homeownership may remain out of reach until the jobs market returns to full health, which may not be for some time due to the effects of sequestration and thousands more losing their jobs.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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