To rent or to buy – that is the question. Between all the South Florida real estate for sale and houses for rent in Delray Beach, Florida, there are more living options than ever! Now that Florida has become the top destination [link to West Isn’t the Best blog] for relocation, Florida’s future residents must decide if they want to buy or rent a house.
Reasons to Buy
Florida’s housing market is booming, so it makes more sense financially to purchase a home than to rent. For example, in Delray Beach, the median monthly mortgage payment is $880, whereas the median monthly rent payment is $1,586! The prices for homes in Florida are less than other states, which allows you to purchase a larger house with the same amount of money. You can also count on paying less federal income tax due to property tax and mortgage interest.
If you have a growing family, you may want more control over your property. If you want to make repairs and redesign either the interior or exterior of your home, purchasing a house will give you that freedom. There is also great satisfaction in having something to show after a mortgage has been paid off. For those who are frustrated by rent payments that leave them with nothing at the end of a lease, buying a home is a better option for the long-term.
Reasons to Rent
For some Florida residents, renting may be the best option due to current financial situation and stage of life. If you aren’t ready for the financial obligations of purchasing a home or aren’t sure if you want to stay in a current neighborhood, South Florida has plenty of housing for rent! There are many benefits, including the flexibility to move with ease, not paying an additional cost for repairs, and the safety of keeping your money if the housing market declines. Essentially, the decision to rent is made for the convenience and flexibility of your lifestyle.
Though Florida has recently become more popular to relocate, many retirees have been traveling back-and-forth from their home for years. It’s most recommended for new snowbirds to try renting property, as they have the freedom to move if they please.
What’s the Verdict?
The decision to rent or to buy is not one-size-fits-all; it’s completely dependent on your lifestyle and financial situation. If you’re looking to put down roots in a new place, home ownership may be in your best interest, whereas if you want the freedom to explore and live in new places, consider renting.
South Florida has become the most desired place to be, so if you’re looking to make South Florida your home, visit our listings or contact us. Posh Properties will help you find your dream home, whether you want to rent or buy.