First-time home buyers in South Florida are facing a challenging housing market where the cost of single-family homes has soared to $1 million or more, making the dream of owning a starter home increasingly out of reach. This trend is particularly pronounced in cities like Miami, where even the lowest-priced homes in this range now start at $3.3 million.

As a result, young buyers are finding themselves priced out of the market, with wealthy individuals driving up prices through all-cash deals. The influx of affluent transplants to the region has further fueled the surge in pricing, while rising mortgage interest rates pose little deterrent to cash buyers.

With many young buyers unable to afford homes without assistance from family members, the gap between those with and without financial support is widening. This has forced some buyers to either move further out from the city, compromise on their housing preferences, or settle for condos instead of single-family homes.

Despite the high price tags on many properties, buyers are often disappointed by the lack of basic features or the need for significant renovations, leading them to question the value of their investment.