South Florida Renting vs. Owning

Indian-Harbour-Beach1Have you been thinking about buying in South Florida?  

The Tri-County area of South Florida which includes Palm Beach, Broward, and Miami-Dade counties is one of the least favorable renting markets for renters according to RealtyTrac.  Rents have risen so much in these counties that most renters, based on the counties median incomes, will spend roughly 43% of their income to rent a home.

There are two ways to look at this.  If you are thinking about buying an investment property this is great news for you. With renters willing and ready to pay premium monthly rents you can get a great return on your investment. Rental homes tend to fly off the market when they are well cared for and in a desirable area. Having a knowledgeable South Florida Realtor can help you identify sought after areas for your investment home purchase.

If you are a renter and have been thinking about buying you should really look at speaking with a mortgage professional.  With the loan programs opening up, you can get into a mortgage with as little as 3% down and many times lower your monthly payment…and most of all, OWN your home.

Fort Lauderdale offers some amazing homes for any budget.  Some great cities within Broward county offer beautiful Homes for Sale include Wilton Manors, Coral Ridge, Coral Heights, Oakland Park, Poinsettia Heights, Victoria Park, Las Olas Isles, Rio Vista and many more.

You can search for these cities here: Broward County Homes for Sale

With interest rates still near record lows, loosened down payments, and an area that is seeing great equity growth it is a fantastic time to think about purchasing your next home in South Florida.

Florida Exclusive Living is a guest author that specializes in both buyers and sellers within the Tri-County area of Broward, Palm Beach and Miami-Dade.  Contact us for any questions you may have.