Buyers in Miami May Need 17 Years to Save for a Down Payment

July 8, 2015

Home prices are rising faster than wages in Miami-Dade County, and according to the Miami Herald, a young worker would need 12 to 17 years to save enough money for a 20 percent down payment on a home.

“Fewer and fewer younger folks have enough capital to muscle up a down payment,” Mitchell Friedman, a partner at Miami-based affordable housing developer Pinnacle Housing Group, told the Miami Herald. “It used to be that people could go to their parents and get help with the money, but because prices are so expensive now, the down payments have gone way up, too.”

The city’s tight market also drove up the price of rentals, making saving more difficult.

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