Miami is among the least affordable cities in the US for families looking to buy homes, with almost 79% of neighborhoods out of reach for average households. Other Florida cities like Orlando, Tampa, and Jacksonville also have unaffordable housing markets. Rankings were based on median household income and home values in different neighborhoods. Continue to full article...
U.S. Housing Market
In August, sales of new U.S. homes hit a 5-month low due to sky-high mortgage rates, which have been near a 23-year high. This has strained prospective homebuyers' ability to afford a dwelling, leading to a decrease in sales. Homebuilders have been offering incentives to try and offset the impact of the elevated mortgage rates, but mortgage rates at current levels represent an affordability hurdle...