Do you want to bet it’s cheaper to rent or to buy a condo? Before the housing bust in 2007, the answer was generally “rent”. But according to the last report by the National Housing Conference, this is no longer the case.
I am sure that you are wondering why nowadays it would be more economical to buy a condo. It’s actually very simple. Rents have increased due to a high demand. This was caused by skepticism on the real estate market and mortgages tougher to obtain. Consequently the rental market has become extremely expensive.
On the other side, buying has become more affordable and the cost of a mortgage is lower than the average rent. For your information, Miami Dade is today ranked 36th / 180 in the rankings of the most expensive rental areas. A Miami-Dade worker has to earn at least $45,000 to rent a house and needs only $43,000 to buy it. Moreover, the median price for a home went from $290,000 to $160,000 in the last few years. Not sure that I can find your dream home at that price but…
… If you are ready to become a home owner, why don’t you visit our site www.condoideas.com or contact me or my team? We will be pleased to prove to you that buying is more convenient than renting.