Renting versus owning: a decision many struggle with. It can be challenging to decide which is best for you. Amongst the most important aspects of this decision is the cost. Personal finance website GO Banking Rates recently released a report with mortgage versus rental costs for each state. The study compared median rent prices to median list prices in each state, assumed a 20 percent downpayment for the median list price and applied a 30-year fixed-rate loan term and property taxes and insurance. If you are looking for a home in Miami, check out what it said about renting versus owning in Florida.
In general, now is a good time to buy thanks to low mortgage rates. However making the move to becoming a home buyer is still challenging.
“The good news is mortgage rates are near historic lows,” says Kristen Bonner, lead researcher on the study. “Unfortunately, Americans are still running into road blocks with being able to save enough money to afford a downpayment, and are therefore forced to rent.”
Florida ranked number 6 for top ten states where owning is cheaper than renting.
“Rents have been rising in the Sunshine State — especially in South Florida where the population is growing and demand for rentals has increased, the Sun Sentinel reported in April. In fact, Miami is the eighth-most expensive rental market in the U.S., according to the Zumper National Rent Report. More and more adults are living with roommates in Miami to offset high rents, Gudell said,” the report read about Florida.
If you are currently a renter in Florida, you may be asking yourself about renting versus owning in Florida. At RE/MAX Paradise we have great homes to rent or buy in many areas of Miami. Our agents are happy to answer questions about either renting or purchasing a home, so please contact us today!