South Florida Leads The Way In Home Price Increases

South Florida Leads The Way In Home Price Increases

Out of the 20 cities in the Standard & Poor's/Case-Schiller home price index, the Miami area is leading the way in home price increases this year.

The index tracks individual homes and does not take condo prices into effect, which makes it one of the most reliable indexes of home prices in the country. The Miami-Dade area experienced increases of 7.7 percent year over year. Only five other cities around the country had higher year-over-year increases.

The continual steady rise in home prices in theMiamiarea has caused many to wonder if another bubble is about to burst. Analysts at Standard & Poor's who had a hand in the making of the index says that's likely not the case on a national scale. One indicator that makes them sure is that rents and housing prices are rising steadily together-not disparately. Another factor that indicates a bubble is not near is affordability is on par with the median income.

Those two factors aren't quite in sync in Miami-while home prices are steadily but slowly rising, rents are some of the highest by income in the nation, and affordability is an issue. With a median housing price in South Florida of about $350k, not many average South Florida workers can afford a home like that. Especially not when the median income is hovering around $50k. First-time buyers are especially challenged, with many opting to buy into a condo or town-home instead.

Alejandro Rieger

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Phone: 305-788-3961
Dated: April 19th 2016
Views: 314
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