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The cost of renting vs. buying in 2020
Dated: August 31 2020
- The percentage of income needed to afford a median-priced home today is declining, while that for renting is on the rise.
- This is making buying a home an increasingly attractive option for many people, especially with low mortgage rates driving purchasing power.
- Let’s connect if you’d like expert guidance on exploring your homebuying options while affordability is high.
When you hear me talking about "affordable housing", my concerns stem from data available compiled by various reputable sources.
From a Florida Housing report:
"...additional statistical information obtained from the 2019 Out of Reach Report prepared by the National Low-Income Housing Coalition concluded that in Florida, the Fair Market Rent (FMR) for a two-bedroom apartment is currently $1,189 per month. In order to afford this level of rent and utilities – without paying more than 30% of income on housing – a household must earn $3,962 monthly/$47,542 annually. Assuming a 40-hour work week, based on working 52 weeks a year, this level of income translates to an hourly wage of $22.86.
The current minimum wage in Florida is $8.46 per hour and the current average wage for renters here in the State is $16.67.
Conclusion: More than 2.5 million low- and moderate-income households in Florida pay more than 30% of income for housing. Low-income renters are the most at risk."
For more, visit www.localhousingsolutions.org
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Susan Severson is a Broker Associate and Team Lead at Essence Home Team, brokered by eXp Realty. Ed Severson is a Realtor at Essence Home Team, brokered by eXp Realty. Both are Veterans and Entrepren....