Bidding wars are raging as desirable houses within an affordable price range are getting hard to find. Indeed, in Miami Dade, fueled by foreign cash, the median price for a single-family home has gone up by 7% between 2014 and 2015 for similar periods, from $243,000 to $260,000.
As rental prices keep on rising, it makes more financial sense to purchase a unit. It is a nationwide trend too: housing becomes less affordable for Americans whose wages have only risen by 2.6% since last year. As a comparison, the midpoint price for a house has risen 4 times faster than the average wage growth. Houses are simply getting pricier. Read the rest of this entry »