The Real Deal Miami

Time to rent, not own

October 30, 2008 10:43AM

South Floridians are wiser to rent than own, according to a new study by the Center for Economic and Policy Research and the National Low Income Housing Coalition. In many bubble-inflated markets, homeownership remains a costly and risky proposition, the report said. Owning a typical South Florida home with a 6 percent mortgage rate sets buyers back an average of $1,636 per month, while renting a three-bedroom place costs $1,324, the study says. During the real estate bubble, sale prices rose to levels where they were hugely out-of-line with rents, according to the study.