Report: Buying more affordable than renting in South Florida

South Florida tenants can now expect to devote as much as 44.5 percent of their monthly income to rent, according to a new report from Zillow.

The report, which compares renters to homebuyers in the tri-county area, shows that the latter group spends only 20 percent of their monthly income on their homes. At the national level, renters are spending 30 percent of their median income on rent, which is double the 15 percent homeowners spend on mortgage payments.

“Despite rising home values, homeownership remains very accessible for buyers that can scrape together a down payment — even if that down payment is relatively modest —find a home to buy and secure financing,” said Zillow Chief Economist Stan Humphries to the Palm Beach Post.

Renting a home in South Florida is now 67.6 percent more expensive than the historical norms prior to the housing bubble, the Post reports. [Palm Beach Post] — Chris Guanche