Cities in Florida - Better to Rent or Buy? - South Dade News Leader: Community News | South Dade News Leader | Miami Dade County

Welcome!
|
Not you?||
Logout|My Account

Cities in Florida - Better to Rent or Buy?

Print
Font Size:
Default font size
Larger font size

Posted: Thursday, October 25, 2018 8:54 pm

Did you know that Miami, Boca and Fort Lauderdale are the worst cities in Florida to buy a home?

When looking for a home, figuring out whether to rent or buy can be tricky. There are many factors at play and trying to time the housing market is difficult.

However, there are mathematical ways to evaluate each city, so you can make an informed decision.

HomeArea.com released the Cities in Florida that are Better to Buy than Rent.

Based on the latest Census Bureau data for cities with a population of 60,000 or more, the rankings were determined by calculating the price to rent ratio.

The price to rent ratio is the median home value divided by the median annual rent and serves as a benchmark for understanding whether it is better to rent or buy in an area.

When home prices rise significantly faster than the local rents, the ratio will rise - indicating a possible housing bubble where it may be better to rent.

A ratio under 20 are likely more affordable to buy, and a ratio over 20 are better to rent.

Here are the 5 best cities to buy in Florida:

1. Sunrise, FL 10.9

2. Tamarac, FL 12.0

3. Deerfield Beach, FL 12.1

4. Largo, FL 12.3

5. Boynton Beach, FL 12.3

Here are the 5 worst cities to buy:

49. Kendall, FL 23.3

50. Fort Lauderdale, FL 24.6

51. Miami, FL 25.8

52. Boca Raton, FL 26.6

53. Miami Beach, FL 30.7

Largest Increase

24.8%

The Villages, FL

Price To Rent Ratio from 12.8 to 15.9

Largest Decrease

-11.6%

Homestead, FL

Price To Rent Ratio from 18.9 to 16.7

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.