The home ownership rate in Miami is down to historic lows, and most millennials in the metro area won't be in the market to buy a home anytime soon. According to a new survey by Apartment List, 81 percent of local millennials think buying a home is just too expensive.
This despite the fact that Miami rents continue to soar to out of contro
The fact is there's a lot standing in the way of a young Miamian buying a home, but this is at least one real-estate metric where Miami is far from worst.
Apartment List surveyed 30,000 renters across the nation's major metro areas to find out what was preventing them from buying a home.
Among millennial renters, the vast majority said it was because they imagined it was too expensive. In Miami, 81 percent gave the answer, which was even slightly higher than millennials in New York and far higher than other Southern cities such as Tampa and Atlanta.
Twenty-eight percent of local millennials also said they were waiting to get hitched, and 32 percent said they weren't ready to settle down yet. (Multiple answers were allowed.)
Turns out, however, millennials in Miami may have a smoother path to home ownership than those in other big cities.
Those who are saving to afford a home downpayment have an average of $3,450 in the bank, and the average they expect to pay in total for a downpayment was just more than $20,000.
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They were off a little. According to Apartment List, at least, the average down payment for a starter home in Miami is $26,000. Compare that to San Francisco, where the down payment required averages more than $142,000, or L.A., where it's more than $65,000.
An average Miami millennial would also have to save for 6.7 years to afford that down payment, which is far lower than in other comparable cities. Of course, this is just a statistical snapshot.
It doesn't actually help anyone, when looking at their bank accounts and long-term housing and financial goals, to think, Well, at least we don't live in Seattle. Nor does everyone's financial situation mirror the average.
Plus, there's no telling if those starter homes are in areas where many millennials would want to live.