South Florida home prices show big gains

The median home value in South Florida continued to climb in the last quarter of 2013 while mortgage rates crept downward. In other words: You have to earn about $44,000 a year to afford the average home in Miami-Dade and Broward counties.

The data, reported Tuesday by mortgage information site, showed that the median home price here was $254,900 in the final three months of last year, up 1 percent from the prior quarter and up 19.7 percent from the same period in 2012. The 1-percent quarterly jump was the biggest gain in any of the 25 markets included in’s research.

The average 30-year fixed mortgage rate was 4.43 percent, down .21 percent from the third quarter of 2013. Assuming a monthly payment of $1,024.77 — principal and interest only — a South Florida resident would need to make a $43,918.66 before taxes to cover the mortgage, said. More money would be needed to pay property taxes, insurance and living expenses.

That puts Miami-Fort Lauderdale at No. 16 out of 25 cities on the survey; Cleveland ($19,435.17), Cincinnati ($22,226.95) and St. Louis ($22,397.54) took the three top slots.

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