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Fancy HomeThe rise in South Florida housing prices is not in line with nearly stagnant incomes, making the local housing market one of the least affordable in the nation, according to Interest.com.

The website, a subsidiary of North Palm Beach-based Bankrate, looked at housing affordability in the 25 largest metro markets. The tri-county South Florida area ranked 21st with the average resident earning 26 percent below what it would take to purchase a median-priced home.

That gap has been growing. Local residents were only 13 percent short two years ago.

Interest.com based its calculation on current interest rates and the regular requirements for federally-approved mortgages. It also factored in property insurance and taxes.

South Florida ranked second-worst in median income at $49,946, trailing only Tampa at $45,880. The median home price of $270,000 in South Florida, combined with high property taxes and insurance, put purchasing out of reach for many working families.

The international market has largely driven home sales here in recent years, so prices aren't married to the local economy. Still, it's becoming increasingly difficult to find workforce housing.

The most affordable metro areas were Minneapolis, Atlanta and St. Louis, according to Interest.com.

The least affordable were San Francisco, San Diego and New York.

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Make sure your home has the right protection. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami home insurance.

(Article courtesy: Brian Bandell via South Florida Business Journal)
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