Buying a house in some popular Florida cities now cheaper than rent — as mortgage rates fall and markets cool

A loan at last?

With mortgage rates at their lowest since early 2023 and nationwide housing inventory up 22% over a year ago, it might be time for market-shy renters in Florida and other Sun Belt destinations to think about hopping onto the property ladder, experts say.

Fresh analysis published by Zillow Home Loans suggest a return to a more buyer-friendly climate in 22 out of the 50 largest metropolitan areas in the United States, including the wildly popular Miami and Tampa regions.

In these cities, owning your own home may once again make more sense than renting, researchers said.

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The average monthly rent in the U.S. at the moment is $2,063 per month — more the average mortgage payment of $1,827, which means that the typical buyer will save around $236 a month by taking the plunge.

And while the Sunshine State definitely made the list of desirable destinations, New Orleans beat every other major city in the country — prospective Big Easy buyers can currently save to the tune of $450 a month by taking out a mortgage, the data showed.

In Miami, the average savings would be $314, by comparison. In Tampa, $191.

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Cities further to the north offering their own sizeable price chops were Chicago, Pittsburgh and Memphis.

The Big Apple even made the grade, though cost-conscious Gothamites will save far less — rents averaging $3,471 and mortgages $3,399 mean a cost benefit of just $72, enough to cover a modest takeout bill .

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Zillow’s number crunchers assumed a 20% downpayment, interest rates averaging 6.5% and a 30-year fixed mortgage.

“This analysis shows homeownership may be more within reach than most renters think,” Zillow Home Loans Senior Economist Orphe Divounguy said in a written statement.

“Coming up with the down payment is still a huge barrier, but for those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter.

“With mortgage rates dropping, it’s a great time to see how your affordability has changed and if it makes more sense to buy than rent,” Divounguy explained.

Rents are leveling off after pandemic-era market shakeups. However, the average rent is 3.4% higher than in 2023 and nearly 34% pricier than in early 2020 — with no guarantees that prices won’t spike again, the pros warned.

On the other hand, Zillow reported, 1 in 4 sellers in the US are now chopping prices to accommodate a softening market.

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