Florida Among Top 10 States Where Owning a Home Is Cheaper Than Renting

By  //  July 22, 2016

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historic low mortgage interest rates

ABOVE VIDEO: The McCoy-Freeman Group with RE/MAX Elite talks about their top five tips to help you find the home of your dreams.

According to the personal finance website GOBankingRates.com, Florida is among the Top 10 states where owning a home is cheaper than renting.

GOBankingRates.com recently released a guide detailing how monthly rent compares to monthly mortgage payments across the U.S.

According to GOBankingRates.com, the average savings enjoyed by homeowners in Florida is $398 per month. In its five-stage ranking system – a lot more to own, a little more to own, about the same, a little more to rent and a lot more to rent – Florida is one of 24 states in the “a lot more to rent” category.

Jennifer McCoy

Jennifer McCoy

“I am seeing more first-time homeowners now purchasing because of the near historic low mortgage interest rates,” said Jennifer McCoy, Broker Associate for RE/MAX Elite’s McCoy-Freeman Group.

The bottom line: It’s cheaper to own a home than it is to rent one in 42 states, with renting more affordable in only eight states and the District of Columbia.

The study compared median rent prices for single-family homes against the median list price of homes in each state. GOBankingRates assumed a 20 percent downpayment for the median list price and applied a 30-year fixed-rate loan term. It also included the cost of property taxes and insurance.

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States where renting is cheaper than owning

  • Hawaii: $515 (average monthly savings for renters vs. owners)
  • Montana: $248
  • Utah: $242
  • Idaho: $204
  • District of Columbia: $144
  • Colorado: $137
  • Wyoming: $99
  • Delaware: $75
  • Oregon: $12

Top 10 places where owning is cheaper than renting

  • New York: $1,635
  • Massachusetts: $559
  • Illinois: $522
  • New Jersey: $472
  • Pennsylvania: $461
  • Florida: $398
  • Maine: $396
  • Ohio: $375
  • Alaska: $334
  • Rhode Island: $334

ABOUT THE AUTHOR

Bobby Freeman

Bobby Freeman

Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards including the prestigious RE/MAX Hall of Fame Award.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $300 million.

Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.

The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.

For more information log on to BrevardRealtyConnection.com

TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com

The likelihood of home price declines across the United States over the next two years remains low at 5 percent, according to Spring 2016 Housing and Mortgage Market Review published by Arch Mortgage Insurance Company.

According to the personal finance website GOBankingRates.com, Florida is among the Top 10 states where owning a home is cheaper than renting.


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