Homes are Affordable Again

Despite the ups and downs of the Miami condos market, this constant tug of war has resulted in some news that should make many people happy: homes are generally more affordable than they’ve been in more than 35 years and better reflect the average person’s income.

Just a few years ago, the prices for Miami condos had skyrocketed, largely due to the easy mortgages many were obtaining which lead to some shall we say “unpleasant” results, results everyone is very well aware of. This surge in prices meant that the average home was more than seven times what most people were making. Nowadays the prices are a little closer to people’s income.

It is true that despite the increased affordability of Miami condos, some homeowners are still barely managing to make ends meet but at the end of the day, improved affordability means better odds of a housing market recovery as more people are able to become first or second time homebuyers. There’s no telling when this will happen but it’s at least welcome news in these uncertain times.

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