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.