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Freddie Mac: Home Ownership "Not Affordable" for Most South Fla Families

It's not good news for people in the market for a new home in South Florida. 

According to Freddie Mac's monthly housing market outlook, released this week, homes in Palm Beach County are "not affordable" for most families. 

Traditionally, no more than 28 percent of a household's gross monthly income should be spent on housing costs. 

The cost would be $1,150 for a home priced at $255,000, which is the median home price in South Florida.  But, when you take into account growing interest rates, taxes and other figures, the amount grows to $1,600, well above the 28 percent figure for most local households.

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