Even as home prices in South Florida report this month, a recent real estate report shows it makes better sense to buy a home that to rent.
The report shows buying is 52 percent more affordable than renting in Palm Beach County. As for Broward County, buying is more affordable than renting by 47 percent.
However, the gap between the affordability of owning versus renting is narrowing due to a number of reasons. The most significant among them is the increase in home prices in South Florida which continue to climb. Thankfully, mortgage rates declined earlier this week.
Rental rates in South Florida have increased steadily as well, partly because of demand from one-time homeowners who cannot qualify for mortgages. Hence, buying and paying a fixed-rate mortgage is the better bargain.
Buying lets you have more control over your home and it can force you to save!
As more and more people realize the advantages of owning, more prospective buyers search for options in the South Florida real estate market but they’re struggling to find available properties due to the tight inventory. Some residents aren’t able to take advantage of the market because they don’t have money set aside for the down payment and the additional closing costs.
As it is highly advisable to buy, saving money, finding a stable job and building a good credit score will help you own your dream home.
So instead of paying thousands of dollars monthly to pay a landlord’s mortgage, save yourself and your money and get pre-qualified for a loan!
If you believe you’re ready to become a homeowner, trust in the Great Florida Homes Team for all your real estate needs!
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