Buying beats renting in South Florida

Buying saves consumers more than 50 percent in South Florida, Trulia study says
Buying saves consumers more than 50 percent in South Florida, Trulia study says

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.

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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