Buying a house in Miami is not a myth despite inflation, says Bank of America

The increase in mortgages and rents in Miami seems to distance the Hispanic community from the dream of owning a home, an idea that Bank of America says you have to “demystify” and for this he will carry out on June 3 in this city of Florida a workshop in collaboration with EFE.

Cities like Miami, Tampa, Atlanta and Phoenix have experienced a bigger housing boom than those in the Northeast (Boston, New York) and West (San Francisco and Los Angeles), leading to higher rental and mortgage costs, according to a Bank of America’s Institute analysis.

The document details that those buyers hoping to own a home in Miami hesitate in a 77% of the purchase due to the high prices of the houses in this city, with respect to a 56% from the rest of Americans.

As for the millennial generation, the 28% are less likely than their peers across the country (37%) to use public or private grants for closing costs.

This segment of the population is motivated to buy a home because they want to put down roots with their growing family. (56%) and start building equity in a house (44%), notes Bank of America’s 2022 Homebuyer Outlook Report.

According to the banking institution, those attending the Workshop for Homebuyers in Miami will learn more about the power of the Hispanic community in the country, particularly through “generational wealth creation with home ownership”.

The home ownership rate among US Hispanics rose to 48.5% in 2021 compared to 47.5% two years earlier, according to a report by the National Association of Hispanic Real Estate Professionals (NAHREP).

The housing boom in the Sun Belt

Counties and cities in the Sun Belt region, made up of the southern states of the country, have experienced a greater housing boom that has increased rents and mortgages, says Bank of America’s Institute.

The institution stresses that average rental payments in Miami increased by 16% year over year for the six months to February 2023 and average mortgage payments increased by fifteen% during the same period.

Bank of America acknowledges that several factors, including internal migration driven by affordability, above-average job gains, and a growing share of higher-paying jobs, contribute to this Sun Belt housing boom, which houses around the fifty% of the national population.

The workshop, to be held in conjunction with National Homeownership Month, will provide guidance and resources for becoming a homeowner, checking credit scores and deciding how much you can comfortably afford.

You’ll also learn the steps to becoming a homebuyer and understand when to choose prequalification vs. preapproval, as well as types of mortgage programs, including a down payment mortgage. 3% with lower cost insurance.

The workshop, which will take place on the North Campus of Miami Dade College at 9:30 a.m. (local time) on June 3, is part of Bank of America’s Community Homeownership Pledge, which seeks to help first-time homebuyers and other qualified homebuyers in eligible communities across the country.

During the event there will be a conversation with Joe Velázquez, Bank of America Senior Vice President of Production, and Justine Jiménez-García, Real Estate Broker, NAHREP National Counsel and Incoming President of the Miami Association of Realtors. The conversation will be moderated by former CNN en Español presenter Glenda Umaña.

Source: EFE