Miami home prices again pushing buyers north
MIAMI – March 31, 2017 – A recent study from Florida International University find more Miami residents looking to live elsewhere because they’re struggling to find affordable housing.
Researchers looked at Miami, Fort Lauderdale and West Palm Beach, where the market has seen a collective outflow of 106,591 residents since 2010.
Recent reports from The Real Deal and Zillow indicate that home prices are rising, though the increases wouldn’t seem so bad if incomes were also moving higher – but Census figures show that the average household income has been the same since 2011at just below $44,000.
As a result of the stagnant income/higher-home-prices problem, Miami has the most millennials living at home of any major American city.
Fort Lauderdale has become the new home of many businesses, bringing more jobs to the area and making it a better place to live. However, as residents and businesses continue to move a bit farther north, Fort Lauderdale may soon see some of the housing cost problems currently associated with Miami.
Source: Miami Agent (03/27/2017) Smith, Claire
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