With a rapid rise in mortgage rates making homeownership unaffordable, and record demand for rental units in South Florida, residents are facing a pressing question: Is it more affordable to rent or buy?
In a normal market, the decision is often interchangeable. When rents are high, people can find relief in lower home prices. And when housing prices have risen, a rental unit can often be a more affordable option.
But in this market, where both rental and housing prices are skyrocketing due to low supply, some experts lean toward renting being the slightly less expensive option when taking into account rising interest rates, soaring home appreciation, and the cost of a down payment.
