While the prospect of mortgage rates exceeding 8% has garnered attention, it's unlikely to bring about a seismic shift in the housing landscape.
In today's market in South Florida, a household income of approximately $159,000 is needed to afford an average home with 8% interest rates assuming a 10% down payment. This is particularly relevant for South Florida, where the cost of living can be higher than other regions and the "average home" starts at a much higher price than many parts of the country.
The Real Solution: More Homes
The ultimate remedy for enhancing housing affordability lies in increasing the supply of homes. This is especially pertinent for Broward and Palm Beach Counties, where the demand for…
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