Buying beats renting in South Florida
Despite the ever-higher number of foreclosures, buying a home still makes more financial sense in much of South Florida than renting one — or so says a new study by real estate data site Trulia.com cited by the Sun Sentinel.
Buying a home costs more than 50 percent less than renting in Broward and Palm Beach counties, the study shows. In Broward County, the average monthly cost of owning is $773, compared with an average rental rate of $1,638. In Palm Beach County, the average home costs $773 a month to own, while renting will set the average tenant back $1,767, the Sentinel said.
The trend can also be found across the nation, the study says. The disparity is greatest in Detroit, where owning a home is about 70 percent cheaper than renting. [Sun Sentinel] –Guelda Voien