City of Miami Chairwoman and District Five Commissioner Christine King, in a joint effort with several key community partners, has announced a free, full-day workshop designed to help residents to own a home.
The First-Time Homebuyer Workshop will take place on Saturday, Oct. 18, from 8:45 a.m. to 3:45 p.m. at Williams Park, 1717 NW 5th Avenue, Miami, FL 33136.
The initiative includes the NID Housing Counseling Agency, a federally-approved housing counseling agency, the Southeast Overtown/Park West Community Redevelopment Agency, and the Experts Resource Community Center.
Organizers say they hope to demystify the complex home-buying journey.
Attendees will be guided through critical topics essential for building financial readiness, including practical instruction on securing a down payment and closing assistance programs.
“Homeownership is one of the most powerful ways to build generational wealth,” said King in a statement. “Workshops like this give residents the knowledge and confidence to turn that dream into a legacy of ownership, pride, and opportunity that lasts for generations.”
Space for the workshop is limited, and early registration is highly recommended to secure a spot. Attendees are required to bring identification and proof of income.
Register here for the First-Time Homebuyer Workshop.
Homeownership remains out of reach for most Americans as elevated mortgage rates and rising prices stretch the limits of what buyers can afford.
A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home — the national median listing price in April, according to data released by Realtor.com.
The analysis assumes that a homebuyer will make a 20% down payment, finance the rest of the purchase with a 30-year fixed-rate mortgage, and that the buyer’s housing costs won’t exceed 30% of their gross monthly income — an often-used barometer of housing affordability.
The Associated Press contributed to this story.
