See why South Florida ranks among Bankrate’s “Worst Places” to own a home


Anyone out there itching to sell your crib in Palm Beach County and move to Detroit, Cleveland, Milwaukee or Indianapolis? Didn’t think so, but Bankrate’s new ranking of “Best and Worst Places for Homeowners” insists that you’ll like the Rust Belt better.

Bankrate crunched the numbers on 50 U.S. metro areas, using such factors as affordability, appreciation, property taxes and property insurance. How Bankrate sized up South Florida (which includes Miami-Dade, Broward and Palm Beach counties) on a few of its metrics:

  • Property insurance: 0 out of 10. Hurricane season is in full swing, a reminder that our homeowners policies are ridiculously expensive.
  • Foreclosures: 1 out of 10. Another factor that cratered South Florida’s score.
  • Affordability: 8 out of 10. A bright spot.
  • Appreciation: 9 out of 10. Not sure how we beat San Francisco and San Diego on this measure, but it’s another bright spot.

South Florida ranks 42nd of 50 metro areas. Portland, Oregon, finished first, Hartford, Connecticut, 50th.

We’ll advise taking Bankrate’s findings with a healthy dose of skepticism. Among the metro areas ranking even lower than South Florida are New York, Los Angeles and Boston, markets that have seen huge appreciation of home values.

Meanwhile, metro areas that rank better than South Florida include the ludicrously unaffordable (San Francisco and San Jose) and flyover country markets where prices have been stuck in the mud for decades (Detroit, Indianapolis, Cleveland, Milwaukee, St. Louis, Kansas City).

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