Buying A Home Cheaper Than Renting In State Of Florida

Dated: August 1 2018

Views: 2064

Buying a Home Cheaper Than Renting in Florida

Buying A Home Cheaper Than Renting In State Of Florida


According to a recent ‘Rent vs Buy’ report from Trulia.com, the average cost of buying a home vs paying rent each month is 30% LESS in the State of Florida!

To calculate this average, Trulia assumed all the costs of renting, including one time fees (security deposits, application fees, etc), and compared those costs to the expenses that come along with homeownership (think mortgage payments, taxes, insurance and general maintenance).

Other assumptions included owning the home for at least 7 years, a 20% down payment, and taking on a 30 year mortgage term (we call this a conventional mortgage in our business).

Another factor that was used in the calculations was the prospect of rising rents over the same period, which has been a consistent trend in Florida over the years.

Buying A Home Cheaper Than Renting In State Of Florida


Remember, your rent amount can go up each year, but a fixed-rate mortgage payment will stay the same.

Additionally, when you own a home, you’re reducing the principal amount of the mortgage each month when you make a payment. Over time home values historically increase 4% per year as well. When you’re renting a home, you’re paying off your landlord’s potential mortgage and losing all the future wealth-building opportunities from paying down your own mortgage, investing in a home that will appreciate in value over time, and other strategic savings like mortgage interest deductions.

If you haven’t bought a home yet and are still paying rent, what’s holding you back? If it’s a 20% down payment, there are programs that allow you to put down as little as 3% at the time. Sure, it can change the factors a little bit, but even with a lower down payment amount, the averages are still on your favor as a homeowner vs a renter.


Have questions about buying a home? We’re here to help and ready to get you started on your journey to homeownership. Call us today at (727) 400-3315 or register on our website to get started!

Image title


Blog author image

Andrea Hartmann

Andrea is the Managing Partner of The Sandy Hartmann Group and runs the team alongside Sandy Hartmann. She would love to talk to you about real estate! Andrea was born and raised in the Tampa Bay a....

Want to Advertise on this Site?

Latest Blog Posts

The Top 10 Items You Should Fix Before Selling Your Home

The Top 10 Items You Should Fix Before Selling Your HomeWhen most homeowners think about selling their home, getting their property into the MLS and to the closing table is usually what comes to

Read More

Try This Simple Cost Of Living Calculator Before Your Next Move

Try This Simple Cost of Living Calculator Before Your Next MoveThinking about a move to a new place can be a really exciting time! A move to a new state or even across a state can take a lot of

Read More

Understanding The Florida Homeowners Portability Benefit And Why Its Important

Understanding The Florida Homeowners Portability Benefit And Why Its ImportantIf you own property in Florida and have heard the term ‘portability’ and feel perplexed, you’re not alone! This

Read More

Whats Causing Ongoing Home Price Appreciation In Florida

What’s Causing Ongoing Home Price Appreciation in Florida?If you’re thinking about making a move to Florida, you probably want to know what’s going to happen to home prices 

Read More