For now, it’s still cheaper to buy than rent in South Florida.
The latest report from Irvine, Calif.-based RealtyTrac shows homebuying remains more affordable than renting in Miami-Dade, Broward and Palm Beach counties. RealtyTrac compares the monthly payments on a standard 30-year fixed-rate mortgage with a 20 percent down payment to monthly rent payments.
In Miami-Dade, a monthly mortgage payment on a three-bedroom home during the fourth quarter of 2013 totaled $790, compared with $1,539 for a comparable rental. A home mortgage on a median-priced Broward home was $912, compared with $1,763 for a rental. Palm Beach County’s average monthly mortgage payment was $898, a sharp discount from $1,597 for a rental. — Eric Kalis