Is Miami Too Pricey? Forbes Says “Yes”

by Isaac Benmergui, Esq on February 12, 2012

In a comparison of cities with more than 600,000 residents, Forbes ranked Miami as the third most overpriced market. But is that accurate when other real estate experts such as Trulia state that Florida’s housing market still hasn’t matched its pre-bust vitality?

Based on four criteria: housing cost, unemployment rate, average salary of post-secondary graduates and everyday expenses, Forbes reports that only 61 percent of cities studied were affordable and that the 8 percent figure for nationwide unemployment was closer to 10 percent. Other Florida cities that also made the list included West Palm Beach and Fort Lauderdale.

The magazine suggests that foreign investors with their cash deals might be keeping the property prices out of reach for many domestic residents. With Florida’s advantageous income tax laws; however, the state’s residents might consider paying a little more for a home as a good investment.

If you want to make certain you’re not being taken advantage of in your real estate purchase, contact the law offices of Isaac Benmergui. Attorney Benmergui can help you with all 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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