Many renters struggle to decide if buying a home is worth it. A recent study found that in many cities, Florida renters should buy. This research by the National Association of Realtors, covered in an article by Florida Realtors, found that there are affordable metro areas with above average hiring and renters with high enough income to buy.
“Even in a time of expanding home sales, steady job growth and historically low mortgage rates, the homeownership rate recently tumbled to its lowest level in over five decades as many renters struggle to juggle escalating rents without commensurate income gains,” Lawrence Yun, NAR chief economist, says. “However, this new study reveals that there are several affordable, middle-tier markets with solid job gains and a large segment of renters who earn enough to buy.”
The study found that 18.5 percent of renters in Miami should be able to afford buying now. Yun said that many areas where renters can now buy are in the South. Median existing home prices are low in the South, and improvements in local labor markets are at or above national average rates.
“Overall housing affordability and local job market strength play a pivotal role in a renter’s decision on whether to buy a home or sign another lease,” says Yun. “The good news is that other recent NAR survey data shows that those residing in the two regions were the most likely to say that now is a good time to purchase a home. With mortgage rates now at their all-time low, these identified markets are well-suited for the many renters financially capable and interested in taking advantage of the stability and wealth-building benefits owning a home can provide.”
If you are a renter in Miami, you may be among Florida renters who should consider buying. Contact me today to transition from renting to buying in Miami.