FindTheHome analyzed data from the National Association of Realtors from its October 2015 Housing Affordability Index, which found that affordability is on the rise throughout the nation.
The monthly composite index value was reported at 166.3, up from 163.7 the previous month. Using median existing home sale prices and the income required to obtain a mortgage, the affordability index shows that not only were there gains in median family income, but the qualifying income for a mortgage has dropped to become a reality for more Americans.
In Miami, home listing prices have been on the rise and as of September 2015, the median active list price was reported at $368,980, which is higher than the active median listing price in January 2007.
According to the U.S. Census Bureau, the median household income in Miami, as reported between 2009-2013, is $43,100.