Housing Market in South Florida rent costs can increase more. In order to avoid the housing market in South Florida becoming even more competitive, purchasing now in housing market in South Florida is still your best option.
Today’s Housing Market in South Florida
The desire to buy rather than rent is being driven by a number of causes and rent costs in today’s housing market in South Florida may continue to grow. The lack of housing is the key issue. According to FIU professor Eli Beracha, the US population is down by around 4 million while demand is at an all time high. And there won’t be a quick fix for that issue anytime soon. It will take at least ten years to construct all of the housing that is required to meet demand, inflation and growth.
It is the cause of the current high level of property prices. According to researchers, there are no immediate plans for it to decrease instead it will likely remain unchanged. According to Beracha, there are now very few transactions in South Florida since neither buyers nor sellers are motivated to complete contracts. But before the market becomes much more competitive, purchasing now in today’s housing market in South Florida is still your best option. Because if not now you will be priced out in today’s housing market in South Florida, pay higher rent and be unable to own a property.
How Can You Be Certain that the Choice You Are Making is Smart Financially?
People who have strong financial literacy and decision making abilities may analyze their options and make wise decisions for their financial conditions. According to Beracha, the price of a home should not exceed 40% of your salary including all associated costs. Johnson advised individuals who still want to rent to build a savings portfolio to aid them over the long term.