Why Buying a Home Is Getting More Affordable This Fall?

For many homebuyers in Miami and the Florida Keys, affordability has been the biggest challenge in recent years. Rising mortgage rates and surging prices caused many to pause their search. But this fall, the market is showing encouraging signs of improvement.

According to Redfin, the typical monthly mortgage payment is now about $290 lower than it was just a few months ago. That’s because the three biggest factors influencing affordability—mortgage rates, home prices, and wages—are finally moving in a better direction.

Mortgage Rates: Rates have eased from nearly 7% in May to closer to 6.3% today. On a $400K mortgage, that’s roughly $190 less each month compared to earlier this year. MBA data shows this drop has already spurred stronger buyer activity.

Home Prices: After years of rapid increases, price growth has slowed to low single digits. In some markets, values have even dipped slightly, giving buyers more room to plan their budget.

Wages: With average wages rising around 4% annually, earnings are finally outpacing home price growth. NAR economists note this gives buyers more options and balance in today’s market.

For buyers in Miami, Key Largo, Islamorada, and across the Keys, these shifts offer welcome relief. While affordability is still a challenge, the landscape is improving—and real estate agents at The Selling Properties Group powered by LPT Realty are watching the trends closely.