Typical South Florida tenant could use that rent check to afford $428,000 home, Zillow says

 

With South Florida rents skyrocketing, a typical tenant could buy a $428,000 home and maintain the same monthly housing budget, according to a Zillow analysis released Friday.

The median rent in Palm Beach, Broward and Miami-Dade counties is $2,093 a month, enough to cover the monthly expenses associated with a house priced at $427,920. The median home price in South Florida is $299,900.

Credit scores and down payments are a challenge, of course. San Francisco is one of the few cities where a monthly rental payment ($4,235) would not cover the costs of owning the median-value home ($1.17 million).

Nationally, the median rent is $1,416 a month, enough to cover the monthly expenses associated with owning a $289,505 home, Zillow said. The median U.S. home value is $196,500.

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