Miami Ranked as Most Difficult City in Purchasing Your First Home.
Purchasing a home in South Florida these days might seem onerous to many who seek to buy their first home within Miami's metropolitan districts. According to Market Watch News, an analysis of mortgage data showed that one in five home mortgage applications were rejected in the Miami metro area, making Miami Florida the hardest city to obtain a home loan amongst the 20 large U.S cities in the Case-Shiller housing Index. Miami also ranked as having one of the highest rejection rates of first time home owners, with a total rejection ratio of 19.4%. A recent mortgage for a one bedroom apartment in the West Kendall district, was recently evaluated at $1,400 a month excluding other monthly housing expenses. Miami truly is one of the most expensive cities in America in purchasing ones first home and the staggering house prices says it all.