Pembroke Pines, Florida

Pembroke Pines has a house worth median of $295,719. The value of houses has risen in Pembroke Pines 7.6 percent in the last year. There exists the prediction that the value of houses will in the next year increase 3.7 percent.

This large increase in the value of homes makes it very difficult for many renters to enter the market for house ownership. This is because they cannot just plan for the down payment and income they will need to purchase a home. They need to increase their financial requirements according to the annual increase in the value of homes.

Not only that, but interest rates have been gradually going up. The higher the interest rate, the lower the home price an aspiring home owner can afford.

In Pembroke Pines, $181 is the list cost median for each square foot. The metro area of Miami-Fort Lauderdale has a higher list cost median for each square foot of $218.

For presently listed houses in Pembroke Pines, $285,000 is the house cost median, For houses that have sold, $264,500 is the cost median.

For Pembroke Pines, Florida, $1,982 is the rent cost median. The Miami-Fort Lauderdale Metro area has a higher median rent cost which is $2,000.

The foreclosure rate for a particular area is an important economic statistic. Why? Because the higher the foreclosure rate, the lower the worth of homes.

There is a first step that occurs when a house forecloses. And that is when the owner of a house has a mortgage that is delinquent. A delinquent mortgage has a simple definition. It’s the condition that occurs of the owner of a home failing to make good on a mortgage payment.

In Pembroke Pines, Florida, 1.8 percent is the percentage of mortgages that are delinquent. This is a higher mortgage delinquency rate than the United States rate which is 1.6 percent.

Due to the recession of 2008, greater than 20 percent is the amount that houses fell in their worth in the United States. This has caused many owners of houses to be underwater regarding their mortgage.

For Pembroke Pines, 6.1 percent of owners of houses are underwater regarding their mortgage. The metro area of Miami-Fort Lauderdale has a higher percent of houses underwater, which is 9.9 percent.

Pembroke Pines has an annual household income median of $61,539.