The Sun-Sentinel newspaper ran an interesting article on August 31, 2014 regarding South Florida renters. According to the piece, South Florida renters pay about 44% of their incomes towards rent. Zillow reported the national average was 30% of income going towards rent.
The ratio of rent to income for South Florida was third in the nation, on par with San Francisco and below Los Angeles (48%). According to the Sun-Sentinel article, which was quoting from a Zillow study, South Florida renters paid about 34% of income towards rent ten years ago and the national average was around 26% at the same time.
According to the Sun-Sentinel, the median monthly rent for Palm Beach County was $1,364 in 2014, up from $1,173 in 2011. Of note, the U.S. Department of Housing and Urban Development reported Palm Beach County's median household income was $63,300 in 2014, which is the same as in 2011. This means people in Palm Beach County have less discretionary income when compared with a few years ago.
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Tuesday, September 9, 2014
Wednesday, September 3, 2014
How Far Below The Peak Is The South Florida Real Estate Market?
Many people want to know if the home prices in South Florida have fully rebounded to the levels seen at the recent height of the market. According to the Case Shiller Housing Index report for the period ending June 2014, prices in the South Florida market are still "a third or more below their peak prices set almost a decade ago."
The Case Shiller report for June 2014 also commented on mortgage rates; it was stated that "rising mortgage rates won't send housing into a tailspin, but will further dampen price gains." My interpretation of the commentary is that the Chairman of the Index Committee, David Blitzer, foresees continued price increases to home prices in the near-term, but at a slowing pace-- even if mortgage interest rates rise.
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The Case Shiller report for June 2014 also commented on mortgage rates; it was stated that "rising mortgage rates won't send housing into a tailspin, but will further dampen price gains." My interpretation of the commentary is that the Chairman of the Index Committee, David Blitzer, foresees continued price increases to home prices in the near-term, but at a slowing pace-- even if mortgage interest rates rise.
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Case Shiller Housing Index: June 2014: South Florida Housing Market Price Increases Continue
The South Florida real estate market saw prices increase by 11.5% on a year-over-year basis in June 2014, according to the Case Shiller Index. This compares favorably with the US as a whole, which increased by 8.1% in June 2014 over June 2013, as measured by the Case Shiller Composite-10 and Composite-20, according to the Case Shiller Index.
However, the Case Shiller Index on a sequential basis shows the South Florida market was up only 0.6%, compared with 1.0% for the US in June 2014. All-in-all, the Index is showing continued price appreciation.
David Blitzer, Chairman of the Index Committee stated, "for the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators-- starts, existing home sales and builders' sentiment -- are positive. Taken together, these point to a more normal housing sector."
The average home price across the US in June 2014 is at the level of the spring of 2005, according to Case Shiller Index.
According to Case Shiller, the average national home price is approximately 17% in July 2014 off the peak of June / July 2006. The Index also shows the national composites are about 27.8% to 28.5% higher in June 2014 when compared with the March 2012 low point.
Areas of interest:
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a licensed Florida real estate agent and Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, CDPE
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
However, the Case Shiller Index on a sequential basis shows the South Florida market was up only 0.6%, compared with 1.0% for the US in June 2014. All-in-all, the Index is showing continued price appreciation.
David Blitzer, Chairman of the Index Committee stated, "for the first time since February 2008, all cities showed lower annual rates than the previous month. Other housing indicators-- starts, existing home sales and builders' sentiment -- are positive. Taken together, these point to a more normal housing sector."
The average home price across the US in June 2014 is at the level of the spring of 2005, according to Case Shiller Index.
According to Case Shiller, the average national home price is approximately 17% in July 2014 off the peak of June / July 2006. The Index also shows the national composites are about 27.8% to 28.5% higher in June 2014 when compared with the March 2012 low point.
Areas of interest:
| Jun-14 | Monthly | Sequential | Annual |
| Metropolitan Area | Level | Change | Change |
| Boston | 176.28 | 0.50% | 7.00% |
| Chicago | 129.83 | 1.40% | 6.60% |
| Miami | 186.39 | 0.60% | 11.50% |
| Minneapolis | 141.27 | 0.60% | 6.70% |
| New York | 175.26 | 1.60% | 4.30% |
| Tampa | 161.25 | 1.20% | 9.10% |
| Composite 10 | 187.19 | 1.00% | 8.10% |
| Composite 20 | 172.33 | 1.00% | 8.10% |
| Source: | |||
| S&P Indices | |||
| Firserv |
Call me today for more information.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a licensed Florida real estate agent and Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, CDPE
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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