South Florida is not ideal for first timers
A personal financial website called WalletHub, ranked the most promising American cities for new home owners. The analysis included 19 factors which includes housing affordability, real estate taxes and crime rates.
A total of eleven cities in Palm Beach and Broward counties were included in the list of 300.The lowest ranked cities includes Miami Beach (ranked 299) and Miami (ranked 294). Florida Property management believes that Miami has a long way to go to make housing affordable for first time home buyers.
Affordability is a big concern as home prices rise. The average price for a single family home in all three South Florida counties as of June 2016 is $300,000. First time home buyers will also have to contend with the rising land costs in South Florida.
Because of rising land costs, majority of builders are planning upscale homes and condominiums that first time buyers cannot afford. Ken Johnson, a Florida Atlantic University real estate professor explained that first time buyers have limited financing options to choose as the price goes higher.
The flat wage growth is another major hurdle for first time home buyers. Rent and home prices are steadily increasing while wages remain the same, which makes it more difficult for buyers to raise enough money for down payment.
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