Living in Miami isn’t all that difficult. Having a bedroom of your own in Miami, now that’s a different story.
Median rent for Miami in May 2015 clocked in at $2,200 per month, which was an increase from the prior year’s May number of $2,000. After executing some quick math, the annual salary necessary to afford a space this expensive would be upwards of $86,000, if you budgeted housing payments as one-third of your net income.
Just the beginning
Adding insult to injury, it looks as if this is just the beginning. The number of Miami apartments deemed “affordable” to entry-level earners fell by over 40 percent last year, according to a study done by real estate website Trulia. Though Miami has seen an increase in multi-family construction over the previous few years, much of the new housing was middle to upscale in nature, and thus unaffordable to the people in need of housing the most. While it is apparent that the factors responsible for driving up prices include the influx of foreign money, escalating land costs, and higher construction prices, cooling of the market does not seem near.
To put this into perspective, a person making a typical entry-level wage around $25,800 can afford 0.4 percent of apartments in Miami. In more affordable markets, such as St. Louis, Dallas, Houston, Phoenix, and Atlanta, these earners can afford around 20 percent. That difference is astronomical.
You’re not alone
If you’re struggling to keep up with your housing payments in Miami, or cannot afford a place to begin with, you’re certainly not alone. Many others just like you are contemplating foreclosure and seeking assistance with this unfortunate issue.
If you find yourself in a crisis, constantly wondering where to turn, Graham Legal is here. We invite you to come in for a free consultation and learn more about how you can resolve this all too common issue plaguing many current residents of Miami-Dade County. At Graham Legal, we’re in this together.