According to a recent report by the Center for Housing Policy, approximately 41 percent of the low to moderate-income households across the three South Florida counties are spending more than half of their incomes on housing. Financial experts recommend families devote no more than 30 percent of their paycheck to housing costs. Although the economy in South Florida has shown signs of recovery in unemployment rates and lower home prices, the rental market and lack of salary growth are keeping housing costs high across Miami-Dade, Palm Beach and Broward counties.
According to the 2011 U.S. Census data, some of the factors contributing to high housing costs include:
• Property owners taking control of the rental market.
• Former homeowners not qualifying for mortgages because of poor credit.
• Some would-be buyers either not having enough money for a down payment or facing a shortage of properties for sale.
Click here to read more about South Florida families struggling with the high cost of housing.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, Kingcade & Garcia, P.A.