Florida Real Estate Market
Years of skyrocketing real estate prices and low-paying jobs have placed the American dream of home ownership out of reach for much of Broward County, Florida, the first-ever comprehensive study of the area's housing market concludes.

Workers will leave, companies will have trouble filling jobs and new businesses won't come unless drastic action is taken soon. Released last week, the report states that the price of new homes is so out of reach that attention must be focused on preserving older homes and developing more multifamily and rental properties.

Major gaps exist between what a single-family home costs and what most can afford to buy in all 25 Broward cities studied. That difference is $266,000 in Fort Lauderdale, $110,000 in Hollywood and $141,000 in Pembroke Pines.

While condos remain a cheaper alternative, they, too, are out of reach for many households in 12 of those 25 cities. Those places include Fort Lauderdale, Hollywood and Pompano Beach.