Renting? Now May be the Time to Buy
According to a story published in the Sun-Sentinel the costs to rent in Fort Lauderdale are increasing rapidly.
Now May be the Time to Buy
The good news is home prices, although increasing, are still affordable, and mortgage rates are still at historical lows.
From the article:
Rent takes a bigger chunk of your paycheck in South Florida than almost anywhere in the nation, and the burden is getting heavier. Renters here, on average, spend 44 percent of their incomes for a place to live, far more than the national average of 30 percent, according to new data from Zillow.com, a home listing service. South Florida’s rent burden ranks third-highest in the country, on par with San Francisco, Zillow found.
Only Los Angeles, where 48 percent of income goes to rent, and Sarasota (47 percent) rank higher. Although rents have risen across the country, their bite in South Florida is growing more quickly. Ten years ago, renters here paid 34 percent of their income for rent, closer to the national average of 26 percent, according to Zillow, which derives its data from rental listings and sales of rental homes. The rental burden in South Florida has climbed 29 percent since then, compared with 15 percent nationally