Real Estate Insider Blog

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18
Apr
2016

Does it Make More Sense to Rent or Buy a Home?

 

After the housing crisis, many Americans were forced into the rental markets and questioned if home ownership was really the "American Dream". As the markets have recovered, sentiment has changed on this front, and the most recent Generational Trends Report by the National Association of Realtors shows that it's the millennial generation who are anxious to make the leap as first-time homebuyers. No matter your age group, whether buying your first home or not, the debate continues about the benefits of renting versus buying. Here are just a few reasons why buying a home continues to make the most sense. 
 

High Rents

Rents in the Tampa Bay area are continuing to climb, with a median rent per month of $1,395, a 3% increase from a year ago and within 10 miles of Clearwater, FL, the average apartment rent is around $1376. In the Clearwater area, a 2-bedroom apartment averages $1425 whereas a 1 bedroom apartment rents for around $979 a month. While there are costs associated with home ownership, this monthly outlay for rent (averaging between $12,000 to $17,000 per year) isn't providing you any equity and is essential just wasted money “down the drain”. 
 

Home Value Appreciation

While rents are continuing to rise, so is the value of homes in the Tampa Bay and Clearwater area market. Just in the past year, the median sales price of homes saw an appreciation of 7%. It's clear to see where placing your...

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