Northwest Florida Home Rental vs Buy

One indicator that the home pricing "bubble" is not going to burst --- rental prices. Rental prices are catching up with the escalating monthly mortgage payments. In Northwest Florida, rental prices have gone up significantly during the last two years. The loss of several apartment complexes during the past two storms have created a significant shortage. It is estimated that one-third of the residents of Escambia County are renters. In Santa Rosa, that number is a bit lower. Because of salary levels in the area (on average, less than $35,000), an affordable rent would be about $600 per month for a one-income household. A two-bedroom apartment is now more likely to be in the $800 range or higher. A house, maybe in the $900 - $1,000 range. So, for those who can afford the down-payment, it would be best to put that money into a home that will grow in value and will be a big tax deduction. What's your story on renting in this area? Send me an email at joe@stukey.com or visit our website at www.stukey.com.