Rent or Buy? What Should You Do?

It seems like an age-old question; is it better to rent or buy? Turns out this answer depends on where you live.

According to Todd Teta, chief product officer with ATTOM Data Solutions, in an article from floridarealtors.org,“Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas.” He calls the cost of housing a “financial stretch … for individual wage earners throughout most of the country … But with interest rates falling,owning a home can still be the more affordable option, even as prices keep rising.”

Nationally, the answer seems split evenly with buying a home being more affordable than renting in 455 of the 855 counties surveyed. But when you look more closely at Florida, the answer is much clearer. Even in higher population counties, where the population is greater than one million,such as Miami-Dade, Hillsborough, and Broward, buying a home is much more affordable than renting.

With the mantra “Drive until you qualify” the DeLand,Deltona, Daytona suburban areas seem primed for a target market of commuters who are looking for an attractive neighborhood to live with easy access to the highway and a commute to larger metropolitan areas.

If you are interested in the real estate market in Volusia county or are considering selling your home, you might also like my blog post “Is Now the Time to Sell?”

 

For More Information Check out these articles:

Buy Vs. Rent: U.S. Evenly Divided but Buy Is Better in Fla.

In Florida, Cheaper to Buy Than Rent In Retirement

It makes more sense to rent than buy, but only if you live here

Buying vs Renting? Buying a home in most of Florida may be more affordable than you think

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