Willard Shepard of NBC 6 is airing a special report on “Real Estate Reality”. The segment focuses on current market conditions and how a family with a middle-class income can go about buying a home.

NBC 6 and Keys Realty examined all the properties for sale in South Florida, and used ZIP codes to find affordable homes in established neighborhoods.

“The reality is, in today’s market, you can rent a lot more than you can buy.  A family making the median income, $45,000, could qualify for a home in the $170,000 to $215,000 range.

Serrano located 146 single-family homes like that in Miami-Dade County. Fourteen are in or just outside Miami Shores, in ZIP code 33150.

In Sunrise, ZIP code 33313, there was a 1,100-square-foot, two-bedroom, 1½-bath home selling for $213,000.

In that price range, far more condominiums and townhouses were available—622 in Broward County. The most were available in Coral Springs, ZIP 33065, or Hallandale, ZIP 33009.

In Miami-Dade County, there were 651 condos, with the most in Aventura, ZIP 33160, with 45 units.

It took a while to find the right price and the right house. Zaldivar and her husband, who make about $80,000, decided on Homestead, where $215,000 got them into a three-bedroom, 1,600-square-foot townhouse.

“The financing is getting a lot more creative. The couple pays an interest-only mortgage, cutting the bill to $2,100. “Without these kinds of new programs, a lot of people that are in medium income brackets will not be able to afford the homes,” Keyes Mortgage Broker Jorge Ballerino said.

Using traditional income guidelines, only 20 percent of the population could afford a home if it cost $300,000. About 13 percent could buy a $400,000 house and only 5 percent can buy a $600,000 house, Shepard reported.

Via: nbc6