Buying beats renting throughout Greater Miami
by JAMES MCCLISTER
It makes more financial sense to buy than rent in Greater Miami, according to new research from ATTOM Data Solutions.
In its analysis, which incorporated 2017 rent data from HUD, wage data from the Bureau of Labor Statistics and public record sales deed data from 540 counties, ATTOM calculated what share of local wages were needed to buy and rent in Greater Miami’s counties. And in Broward, Miami-Dade and Palm Beach Counties, buying was universally more affordable.
A changing housing market
Buying a home remains more affordable than renting in 66 percent of the U.S. housing markets that ATTOM analyzed, although Daren Blomquist, the firm’s senior vice president, stressed in his comments that the scenario could change.
“While buying continues to be more affordable than renting in the majority of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” Blomquist said. “In that scenario, renters who have not yet made the leap to homeownership will find it even more difficult to make that leap this year. Additionally, renting may end up being the lesser of two housing affordability evils in a growing number of high-priced markets.”
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Miami new construction continues strong growth
by PETER THOMAS RICCI
The Miami new construction market continues to put up strong numbers, according to research from Dodge Data & Analytics.
In November, Miami saw more than $351 million in total residential construction spending, which is a 22 percent decline from Nov. 2015. Year-to-date construction spending, though, is a much better indicator of the market's overall health, and at $6.488 billion, Miami's market is up 8 percent over the same time period last year.
Source: Miami Agent Magazine
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