Numerous industry reports have confirmed that South Florida’s real estate market has been in consistent and healthy recovery for the past couple of years, and projected growth trends looks very promising. Now, a recent report from real estate website Trulia.com has found that it is more ideal to purchase a property rather than rent one. An article in The Sun Sentinel by Paul Owens has more:

"Buying a home in Broward County is 53 percent more affordable than renting, the study shows. The average monthly cost of owning in Broward is $773, compared with an average rental rate of $1,638.

In Palm Beach County, buying is 56 percent cheaper. The average home costs $773 a month, while renting runs $1,767.

Buying also beats renting across the country, Trulia said. Detroit leads the way, with buying 70 percent cheaper there."

Indeed, Fort Lauderdale Real Estate in particular has shown a remarkable turnaround in the number of property sales, and the city has continued to grow in the years following the recession. So what is driving this interesting trend? The report goes on to note that much of it reflects lingering trends from the recession:

"While home prices plummeted during the housing bust, rental rates increased steadily, in part because of demand from former homeowners who couldn't qualify for mortgages.

Many renters are getting fed up with rising rates and want to buy, said Douglas Rill, broker with Century 21 America's Choice in West Palm Beach. "They're coming out of the woodwork," he said.

But the problem facing buyers is a lack of homes for sale. Strong demand from investors has depleted the inventory of properties, particularly in lower price ranges, Rill and other agents say.

The Trulia report assumes buyers put 20 percent down, stay in the home for seven years and receive a 3.5 percent interest rate for a 30-year, fixed-rate mortgage. The study also factors in all monthly costs of owning, including maintenance, taxes and insurance."

In other words, in terms of buying vs. renting, buying a home offers a significant comparative advantage over renting, but the market is getting highly competitive. That is why anyone looking to buy a home should seek the services of Realtor Gayle Borden, the leading real estate expert in Fort Lauderdale. The award-winning Realtor has received many accolades from both clients and the real estate industry for her performance, professionalism, and courtesy. To navigate through this complex but rewarding real estate market, contact Gayle Borden at 954-525-3355.