Real Estate Reality: Affordable Homes

It is a new reality of real estate in South Florida -- affordability. NBC 6 crunched the numbers on which homes in which ZIP codes are most affordable.

"We couldn't find anything we could afford," new homeowner Lyan Zaldivar said.

Zaldivar and her husband quickly discovered that, while more homes are on the market, prices are still sky-high.

The median home price in Miami-Dade County is $356,000. In Broward County, it is $379,000.

If you really want to be a homeowner, you are going to have to make some adjustments.

NBC 6's Willard Shepard spoke to Veronica Serrano and Keyes Company Realtors to see how much home you can buy after Hurricane Wilma.

"The reality is, in today's market, you can rent a lot more than you can buy," Serrano said.

NBC 6 examined all the properties for sale in South Florida and, with Keyes Company Realtors, used ZIP codes to find affordable homes in established neighborhoods.

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 couple pays an interest-only mortgage, cutting the bill to $2,100.

"The financing is getting a lot more creative," Serrano 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.

After Hurricane Wilma, some lenders will give you a mortgage based primarily on your credit score.

"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.

There are some efforts to keep the dream of home ownership alive. In Hollywood, the city was able to come up with $1 million to start a new program and find developers who were willing to work for a little less to put up single-family homes. They are four-bedroom homes for families making up to $72,000 at a cost of $150,000.

"Cities like the city of Hollywood have to find creative ways to help individuals," said Jeannette Smith, of the city of Hollywood.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.