Is Buying a Home in Jupiter Cheaper Than Renting Right Now?

Buying a Home in Jupiter

 

 

 

 

 

 

 

 

 

 

 

 

 

We’ve all heard about or seen the statistics relating to Millennials and younger professionals postponing home ownership, but according to some recently released numbers, it might finally be time to give up that apartment and make the long-awaited transition from renting to owning.

Believe it or not, a story recently published from the Sun-Sentinel is showing that the cost of buying a home throughout much of South Florida is now 50 percent cheaper, which is the fifth-highest spread among the top 100 metro areas in the country.

For the most part, home price increases have leveled off over the past 12-18 months, while rental rates on apartments and single-family homes in the Palm Beach County area continue to rise.

Furthermore, the other advantage to buying right now is that fixed mortgage rates are still low despite common belief that increases are inevitable before the end of the year, making the decision to buy that much more enticing to those still on the fence.

Although mortgage rates differ depending on which resource you’re using to find information, most stats show interest rates being right around 3.87 percent for a 30-year, fixed rate mortgage, which also factors in property taxes, insurance, and the assumption buyers are putting 20% down.

If you’re considering a Jupiter condo for sale or an attached unit anywhere else around Palm Beach and the South Florida area, it is worth noting that when monthly HOA dues are factored into the equation, buying is more affordable than renting by an estimated 34 percent.

So with Palm Beach area rent prices rising faster than prices around the U.S. and home price gains slowing all throughout South Florida, the question of whether to buy or keep renting is become increasingly timely, especially if you want to lock-in a favorable mortgage rate.

If you’re considering a move, contact us today for more information about the Jupiter real estate market and real estate all throughout Palm Beach County.

Dylan Snyder is a seasoned real estate professional serving the Jupiter real estate market, Palm Beach real estate market, Palm Beach Gardens real estate market, North Palm Beach real estate market, and the surrouding Palm Beach County area. Along with being a top producer in Jupiter real estate, Dylan's professionalism and expertise in luxury and waterfront real estate sets him and his team of real estate experts apart from the competition. For more information on Jupiter and Palm Beach real estate for sale, contact Dylan at (561) 951-9301.

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