Zillow just completed a nationwide analysis of 200 metro markets (including Orlando, Tampa, and Miami/Ft. Lauderdale) to determine how long it takes to recover your out-of-pocket costs to purchase a new home vs. renting the same house. I think you will be surprised as to what they found!

All possible costs associated with buying and renting were incorporated into the analysis, including down payment, mortgage and rental payments, transaction costs, property taxes, utilities, maintenance costs, tax deductions and opportunity costs, while also adjusting for inflation, forecasted home value, and rental price appreciation.

Ironically, for Florida, the drastic drop in home values during the housing recession dramatically shortens the time needed to break-even. In 75% of the national metro areas studied by Zillow, a new homeowner would break-even after only three years of owning a home. In Florida, the break-even time drops to two years on average, with the Miami-Ft. Lauderdale metro area being the most favorable for buying because homeowners in this area are expected to break-even after just 1.6 years of living in their home.

This is great news for first time home buyers in Florida! With a short break-even time on all the associated costs of owning a home, great values currently on new and existing homes in key markets, and interest rates at an all-time low, there is no better time to purchase a new home!

Homes are selling fast in Florida. Now is the ideal time to contact Real Estate Closing Solutions about the closing and title insurance services we can offer you. Our goal is to educate and empower consumers and refer proven, trustworthy, and knowledgeable local Realtors and mortgage loan officers. We believe that all of our clients deserve the very best personalized service. Give us a call at 407-615-8550 to speak with one of our Orlando real estate professionals today!