Buy vs. Rent in Miami
Reposted from CNBC
It’s cheaper to buy a home than rent, but only if you can find one.
Home prices continue to rise at a fast clip, faster than incomes and faster than new employment, but it is still cheaper to own a home than to rent. There are crazy few affordable homes for sale. So, should you buy vs. rent in Miami?
The supply of listings in April fell 9 percent compared with a year ago, and, in turn, the number of days it took to sell the average home dropped to just 29, the lowest since the National Association of Realtors began tracking that in 2011. There was a big increase in the number of listings that came on the market this spring, but they were swept up so quickly that supplies were still lower.
“The two biggest phrases in the realtor comments this month were ‘low inventory’ and ‘multiple offers.'”
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