Rent for Now, but Buy in Two Years in Miami

by Isaac Benmergui, Esq on May 17, 2013

house and down arrowStarting off by renting is fine, as long as you buy after two years, says a recent finding by Zillow.com. In a study of first-quarter buying versus renting for this year, the numbers show that the tri-counties of Palm Beach, Broward and Miami-Dade had one of the country’s shortest break-even time periods where a renter could save more money by becoming a homeowner.

Real estate agents are urging renters to act now if they are considering homeownership because prices are going up and renting is getting more expensive.
In some parts of South Florida, you won’t even have to wait a full two years before buying becomes cheaper renting than renting: in Deefield Beach, it takes only 1.7 years and in Lake Worth, only 1.5.

If you want to know how long it takes for buying to surpass renting in your area, Zillow.com has a handy location evaluator — click here.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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