In Hollywood, Florida, the median value of houses is $262,100. Home values have risen 10.6 percent in the last year. There has been the prediction forecasted that Hollywood house worth will increase by 5.1 percent in the following year.
This tremendous increase in home values makes it very difficult for many people to be able to afford the purchase of a home – especially true for first time home buyers.
They could be saving for a home, and then in a few years the price of the home goes up so much, that they still cannot afford to buy a home. The solution is to make a home purchase plan that encompasses a large possible increase in the value of homes.
In Hollywood, Florida, the per square foot list cost median is $229. The Miami-Fort Lauderdale Metro area has a lower per square foot list cost average of $214.
In Hollywood, $309,000 is the presently listed cost median of houses. For houses that have been sold, $255,600 is the cost median.
$1,975 in Hollywood, FL is the rent cost median. The metro area of Miami-Fort Lauderdale has a higher rent cost median of $2,000.
When it comes to the real estate economy for any real estate location, the foreclosure rate can have an impact on it. The lower the rate of foreclosures for an area, the higher the value of real estate for that area.
For those who end up having a foreclosure, there is a first step in the process. It’s called mortgage delinquency. How is mortgage delinquency defined? It’s the act of an owner missing making a payment on their mortgage.
Hollywood, FL has 1.6 percent of its mortgages being delinquent. The United States has the same mortgage delinquency rate of 1.6 percent.
When the 2008 recession hit our nation, home values dropped a greater amount nationally than 20 percent. As a consequence, quite a few owners of houses are presently experiencing being underwater on their mortgages.
A home owner being underwater on a mortgage has the definition of having a debt on their mortgage being a higher amount than the worth of their house.
In Hollywood, 9.2 percent of owners are presently experiencing being underwater regarding their mortgages. The Miami-Fort Lauderdale Metro area has a higher mortgage underwater rate of 9.9 percent.
For Hollywood, Florida, the median annual household income is $46,419.