Buying a home and finding a good deal does not come easy at all. Being locked out of boom, buyers often hunt for hot spots to own a home.
It seems that even in Florida, finding a home is easier said than done. Miami Herald has previously posted that South Florida's middle-class buyers struggle to find affordable homes. To add on to it, the wages aren't keeping up with the increase home values in the state of Florida as well. Even so, affordability remain in both Miami-Dade and Broward counties that still difficult to overcome.
One particular couple has experienced the worst when it comes to finding their own homes. Lionel and Tanya Lightbourne have been house hunting for 11 years - longer than they've been married, as detailed by Miami Herald.
Looking at their housing search activities, it appears that the couple still hasn't closed a deal. Despite having good credits, and they have found financing, the skyrocketing home values have boxed them out of South Florida's housing boom. The Lionel's said "We're looking anywhere from $150,000 to $250,000 and we're finding stuff in our price range, but we keep getting outbid."
It stands out that the middle class families are having a difficult time in securing their own home and in closing a deal. For South Florida's middle class, the dream of owning is slipping out of reach as conveyed by Bradenton Herald.
Home values in the district are up approximately by 45 percent since the year 2012, but local earnings have remained flat, lagging well behind inflation. Bradenton Herald further added that cash-rich investors, home flippers and foreign buyers are snapping up properties before locals can get a foot in the door.
The surging home prices loom over South Florida's determinations to attract new employers and attract young, creative workers and entrepreneurs to settle in their region as well. It is just a matter of time before everyone opt to live someplace else.
