In South Florida, a study concluded that only less than half of the millennial renters can afford to buy a property.
As per a study made by Apartment List, an online rental listing website, renters from 23-38 over the past five years within 16 U.S. metro areas. Researchers considered what percentage of millennial renters in a given metro area could afford a down payment of 20 percent, 10 percent or 5 percent within the next five years.
Only a few millennial renters in Broward, Miami-Dade and Palm Beach counties could afford an average priced condo of $202,500. While only 13 percent of millennial renters could afford a 20 percent down payment, 30 percent could afford a 10 percent down payment and 43 percent could afford a 5 percent down payment.
In spite of less than half of millennial renters being able to buy, Miami is still included in the five metro areas with the highest share of millennial renters on track to put 10 percent down on their first home within the next five years: Minneapolis (34), Houston (34), Philadelphia (33) and New York (31).
But as per George Jalil, broker and president of First Service Realty ERA Powered, the lack of state and city income taxes compared to other cities like New York may be allowing renters to save more.
The study also reckoned the portion of millennial renters that expect to rent for the rest of their lives: Miami and Philadelphia were the only cities that had the highest percentage of millennial renters on track to buy a home within the next year with the most positive attitude about buying for the first time. About 8 percent of millennial renters in Miami and about 9 percent in Philly believed they would never be able to purchase a home and just continue on renting.
Renters in Miami may be more positive about buying since they may be looking to relocate elsewhere in the state to buy, said Popov. He found Miami renters are looking to relocate to Tampa, Jacksonville and Orlando.
Millennial renters in San Francisco (17 percent), New York (15), Los Angeles (15) and Chicago (13) believed they would rent for the rest of their lives.
Millennial renters are looking at town houses in Cutler Bay and Miami Gardens in Miami-Dade County for their first home property. In Broward, millennial renters often consider Pembroke Pines, Hollywood, Tamarac, Coral Springs and Cooper City.
The Miami metro area is included in the least affordable rental markets in the country, according to a 2018 study by Apartment List. As much as millennial renters wanted to get a property, since they are not getting a wage increase, they are unable to do so.
- Present a new single-unit approval process to make it easier for individual condominium units to be eligible for FHA-insured financing;
- Expand the recertification requirement for approved condominium projects from two to three years;
- Authorized more mixed-use projects to be eligible for FHA insurance.
As of October 15, FHA will insure mortgages for selected condominium units in projects that are not currently approved. An individual unit may be eligible for Single-Unit Approval under the following conditions:
- The individual condominium unit is located in a completed project that is not approved;
- For condominium projects with 10 or more units, no more than 10 percent of individual condo units can be FHA-insured; and projects with:
Minimum Owner-Occupancy Requirements
- FHA will require that approved condominium projects have a minimum of 50 percent of the units occupied by owners for most projects.
- fewer than 10 units may have no more than two FHA-insured units.
FHA Insurance Concentration in Condominium Projects
- FHA will only insure up to 50 percent of the total number of units in an approved condominium project.
Davie property overflows with the scenic touch of Mother Nature. The Flamingo Gardens provide a place for locals and visitors to South Florida to experience the vitality of the landscape. Well over 50 acres boast both an impressive botanical garden, museum and wildlife sanctuary. The roots here are deep with the venue first created in 1929.
Inside the botanical garden guests find an array of smaller, themed areas. Inspiration is often gathered in the hummingbird and butterfly gardens. Here residents learn how to recreate similar plots in the backyards of Davie homes. Both the Croton and Bromeliad gardens are also favorite spots to linger. The pride of the Flamingo Gardens is an extraordinary canopy of live oaks hundreds of years old. Intermixed among the trees are colorful orchids and epiphytes. Wanderers often wonder at the sites and sounds that have moved amongst these plants throughout the decades. Families spend much of their visit in the Children’s Garden. Youngsters can dig in and get hands on in this interactive space.
Those wanting to really explore the grounds partake of a narrated tram tour. Folks travel into the depths of the Davie property through jungle growth, rainforest and wetlands. Riders wanting to stretch their legs can leave the tram, stroll about the Pioneer Walkway, and hop back on at a later time.
Flamingo Gardens is home to a variety of South Florida wildlife. Many of the animals finding sanctuary here cannot survive on their own. Almost 100 species flourish under expert care. South Florida bird watchers are in absolute heaven when observing in the Free-flight Aviary. Hundreds of wading birds fluff their feathers and call out a hello. Nearby sits the Bird of Prey Center which has been declared as “the largest raptor collection in the United States.” Other magnificent animals in the wildlife sanctuary include otters, alligators, bobcats and panthers. Wildlife shows engage audiences teaching them all about these amazing animals and the importance to protect their habitats.
Get to know the South Florida landscape. Plan a visit to the Flamingo Gardens today. It will truly take your breath away.
Children living in Miami learn through play. The fun is never ending at the Miami Children’s Museum. Located at 980 Macarthur Causeway a variety of educational, interactive exhibits await youngsters. The museum abides by a mission “dedicated to enriching the lives of children by fostering a love of learning through play and enabling children to realize their highest potential." Established in 1983, this critically acclaimed institute has been putting smiles on youngsters faces on a daily basis.
Creativity abounds in the halls and beyond. Numerous exhibits have been carefully crafted to stimulate imagination. Colorful backgrounds encourage lively adventures. Plenty of places to play slip learning in under the radar. Kids living in Miami focus only on having a good time.
High spirits are embraced throughout the venue. Board the Cruise Ship and learn all about travel on the sea. Point the ship in the right direction when in the navigational control station. Find the perfect spot for a vacation after studying the destination wall and check out artifacts from cruise ships along the way. The Pirate Island continues the fun above deck. Buccaneers learn how to tie sail worthy knots, work with ropes and speak pirate lingo. Some will end up walking the plank but all in fun.
Art is in the eye of the beholder and viewed all around. Elements of art are taught in All About Art. Here different mediums are introduced as well as the concepts of texture, form, shape and color. Sketch Aquarium provides a virtual experience where the work of budding artists becomes digitized in an animated aquarium.
The Miami Children’s Museum teaches young residents all about their South Florida home. Kids get hands on in the Port of Miami where they are taught about exports and imports, how to work a crane and maneuver through the waterways. The South Florida and Me space introduces the state’s delicate ecosystem. Species that thrive in the Everglades are spotlighted here.
There is so much to do at the Miami Children’s Museum. The Miami property doors are open seven days a week so plan a trip today and experience the wonder.