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Miami Homeowners’ Home Equity Continues Surging as Many Pay Lower Mortgage Payments

With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. So not only are many homeowners paying lower mortgage payments today; they are doing so while their wealth (home equity) has significantly increased. Home equity can be tapped for renovations, college loans and more.
Miami-Dade County single-family median prices increased 34.8% year-over-year in April 2021, increasing from $382,000 to $515,000. Miami single-family median prices have risen for 113 consecutive months, a streak of 9.4 years. Existing condo median prices increased 22.6% year-over-year, from $265,000 to $325,000. Condo median prices have increased or stayed even in 115 of the last 119 months.

Source: World Property Journal 6/7/21

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