Sorry there was no photo associated with this article. It always makes me wonder, every time I see the announcement of another new multifamily development (which happens almost daily these days), how can they all be geared towards luxury buyers? I mean are there really that many people out there looking to spend over a million dollars for a high rise apartment in South Florida? I think the jury is still out on that one but the affordability market study is truly alarming. What it shows clearly is that home prices are outpacing wage growth, resulting in making South Florida the 5th least affordable place to live in the U.S. The list reads number 1 is S. Francisco, San Diego, Los Angeles, New York and then South Florida. It just can’t be sustainable and really leads you to wonder when it will all blow up again. Our housing market is tough to figure out because there is so much foreign capital, like the other least affordable markets, and it is affected by things that take place in other countries. It seems like it is too much too fast again, but the banks are being way more cautious this time around. And so are the developers so maybe this time will be different. This cycle will last at least another 2 years so we can see where we are then, hopefully still building and not realizing that we overbuilt (again). As always thanks for reading and have a great day.
Homes hard to afford in S. Florida