Pop.: 1,372,171 Avg. Home Price: $260,846 Pop Growth (’10-’13): 3.6% Jobs Growth (annual): 2.7% Unemployment: 6.0% Annual price growth: 11% Over (+) or under (-) priced by: 4% Home Price/Rent Ratio: 17
MIAMI (AP) — A new report says it's more affordable to buy a home than rent a place in South Florida. The report released last week by research firm RealtyTrac ranked Miami-Dade and Broward counties among the nation's top areas where it's more affordable to buy a three-bedroom home than rent a three-bedroom dwelling. The report says that rents have skyrocketed in South Florida while interest rates remain low for homebuyers. Other counties where it was more affordable to buy than rent included the counties that contain Detroit, Las Vegas and San Bernardino, California.