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 HSH.com, 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 HSH.com’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, HSH.com 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.