As rental rates and home values escalate, buying is becoming a better option sooner for many South Floridians, according to a first-quarter report from Zillow.com. In Palm Beach County, buying a home is cheaper than renting it after an average of 1.3 years, the website said. In Broward County, it’s 1.1 years. [Source: South Florida Sun-Sentinel]
“If a home appreciates in value over time, you will capture that because you will have equity,” said Svenja Gudell, director of economic research for Zillow. “If rents increase over time, it just means your costs are going up.”
Rents for apartments and single-family homes have steadily risen in recent years, mostly because of demand from former homeowners who can’t yet qualify for another mortgage.
Traditionally, owners have had to wait five to seven years before buying made sense, But in good markets like Tallahassee FL has been to it can make sense to purchase if you’re not a longer timer in the house!
How can I help you and your Clients? Just give me a call, Thanks.
Regards, Chris Carter, Loan Originator, Capital City Bank