Even With Lower Home Prices, Many Can’t Afford American Dream in Miami

by Isaac Benmergui, Esq on June 4, 2013

money puzzleThere are still bargains to be found in Miami if you’re looking for a home. But even with lower home prices and mortgage rates that are still fairly low, many average South Floridians cannot yet afford to purchase the American dream or qualify for a mortgage. Credit scores must be nearly perfect in order to get a loan from a bank and many people that will qualify may be locked out of an expected bidding war for a property simply because they do not qualify for a high enough loan on the house. 

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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