For South Florida renters, buying is a great deal — but saving down payment is an obstacle

rental art for mysite

Buying a house in South Florida is a great deal compared to renting, Zillow says.

In Palm Beach, Broward and Miami-Dade counties, the median monthly mortgage payment eats up just 20 percent of monthly income, Zillow calculates. Renting is substantially more expensive, chowing down 44 percent of income.

So why aren’t more first-time buyers snapping up homes? Blame a combination of a lack of entry-level inventory and tight lending standards.

“Unfortunately, many current renters aren’t able to realize the savings that come with homeownership because as home values and rents keep rising, it’s getting increasingly difficult to clear the down payment hurdle,” says Zillow Chief Economist Svenja Gudell.

Reader Comments 0

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Basic HTML is allowed. Your email address will not be published.

Subscribe to this comment feed via RSS