In light of the recent rental rates rising, a report shows that it is better to buy than to rent in Miami-Dade County.
The report, created by RealtyTrac, compared the cost of rent per month against the monthly house payments on three-bedroom homes across the United States.
During the first half of 2014, the cost of rent in Miami-Dade cost about 49% of a household’s median income. The cost of a house payment, however, only cost about 42%.
“The window is wide open for renters to take advantage of homeownership in South Florida today,” Mike Pappas, president and CEO of Keyes Company, said, “Rents have skyrocketed over the past few years and may be peaking, while interest rates are still at historic lows. With the tax savings from interest and real estate tax payments a tenant can own for less than they are currently paying in rent.”
Source: therealdeal.com
Photo credit: therealdeal.com