In 2016 purchasing is cheaper than renting.

According to the rental affordability analysis 2016 report by the RealtyTrac, purchasing is still more favourable than renting in the 58 percent of the U.S housing market.

According to the report, in 2016 the rent of a three-room house will increase an average of 3.5 percent in comparison with the previous year, in 504 analysed counties by the U.S Department of Housing (HUD). While wages increased a weekly average of 2.6 percent in the second quarter of 2015 compared to the precedent year, the average price of houses increased a 5 percent in the third quarter of 2015 compared to the previous year in all the 504 counties.

“In markets where house prices remain relatively affordable, in 2016 might be a good time for some tenants to make the move to the home ownership before the rise in prices, and possibly with the rising interest rates, it would be more difficult to buy a property”. Said Daren Blomquist, vice president of RealtyTrac.

In 2016 in all the analyzed counties, people who receive an average wage will have to spend a 37 percent of their income in rental payments of a three-room property, and almost a 38 percent with monthly payment of a house of average price assuming a 3 percent of payment including the mortgage, taxes, insurance and mortgage insurance.

“Low interest rates and housing at reasonable prices make South Florida more attractive to investors. Our rental charges have increased dramatically, now with the choice of paying lowest initial quotas is a good time to ensure low long-term interest rate“, said Mike Pappas, executive director and president of Keyes, which is the company that covers South Florida market.

#renting #SouthFlorida #english