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Why Buying is Still Better Than Renting in Broward
Why Buying is Still Better Than Renting in Broward

 
Friday, May 2, 2014
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Zillow recently released a report documented 35 of the largest metro areas nationwide and how long it would take for a homeowner to see payoff in buying a home rather than renting. The tri-county area of Palm Beach, Broward, and Miami Dade showed that you will see the payoff in just 1.2 years and in some areas the break-even point is as little as six months. Traditionally, homeowners would need to stay in their homes for five to seven years before buying beats renting, making this finding even more indicative of the advantage of buying in Broward.

The reason this is so, is that rents have continuously risen while mortgage rates have remained very low, lower than all analysts predicted they would be in the first quarter. Zillow’s chief economist released this remark concerning the findings, “Rents keep rising, and mortgage interest rates remain very low, which is helping to skew the rent vs. buy decision toward buying for those who can afford it. Many renters may ask themselves why renew a lease, when you can break even on the same home in less time in many areas.” With the present market conditions in Broward county of limited inventory and high buyer demand, many find renting to be the obvious option, however they are would not be taking advantage of the presently low mortgage rates. First time homebuyers should not wait to purchase now, and those looking for investment properties greatly benefit from increased rents and low mortgages. If you are looking to buy your first home or would like more information on available waterfront investment properties in Fort Lauderdale, please contact me today!

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