Apartment rents are skyrocketing in Central Florida, so you may be better off buying a house next year, RealtyTrac Inc. reports.
Source: www.bizjournals.com
Is it cheaper to buy than rent in Orlando? Homeowners in the Orlando area spent an average of 35.4 percent of their wages on housing, while renters coughed up an average of 43.4 percent, according to RealtyTrac.
That said, one of the biggest considerations in actually buying the home is the down payment requirement. The main reason people are unable to purchase when they want to is they simply do not have enough money to satisfy the down payment requirements of the lender. That alone should be enough of a red flag that the buyer simply may not be able to afford owning a home and all the unexpected costs that go along with it.