Cheaper to buy than rent in Miami-Dade, report says

Posted on 14 Jul 2015 in Miami What's New | 0 comments


A chart of rental prices versus monthly payments on a three-bedroom home for the first half of 2015


A new report shows that the time is right for homebuyers in Miami-Dade County, as rental rates have soared in recent years.

The study, conducted by RealtyTrac, compared rental rates and monthly house payments on three-bedroom homes throughout the United States.

For the first half of 2015, rent in Miami-Dade cost nearly half of a household’s median income. Home payments, on the other hand, cost roughly 42 percent, according to the report.

Though there’s a significant gap between the two payments in Miami-Dade, three counties in the United States had disparities that ballooned past 10 percent. Rents in Philadelphia, for instance, cost nearly half the county’s median income. Monthly payments on a home, however, cost only 22 percent. The other two counties are Wayne, Michigan, and Cuyahoga, Ohio.

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