"Homeownership was the more profitable choice in all 250 cities in the analysis when assuming a renter reinvested a potential down payment in stocks. Even when assuming a household reinvested both the down payment and any monthly savings from renting, homeownership came out ahead in 199 cities, or nearly 80% of the sample size."
"Miami topped this list as accumulated equity over 10 years was projected to top $1.043 million, largely tied to estimated home price growth of 149% over that period. The advantage of owning in Miami totals $509,451 after 10 years, even though the monthly cost of owning there is significantly higher than the cost of renting."
"Three other Florida cities were listed in the top five nationally in terms of having an equity advantage: St. Petersburg ($361,852), Tampa ($340,562) and Orlando ($317,027). Idaho also ranked highly for owner profitability as Meridian was No. 3 nationally with an equity advantage of $349,590 after 10 years."
A study analyzed home value and rent price data from 250 cities, concluding that homeownership is more profitable than renting. It considered costs like property taxes and insurance, projecting future home price growth based on past data. Homeownership yielded greater equity in all cities, even when renters invested potential down payments in stocks. Miami showed the highest equity advantage, with over $1 million projected after 10 years. Other Florida cities and Meridian, Idaho, also demonstrated significant equity benefits for homeowners, reinforcing the financial advantages of owning property in these markets.
Read at www.housingwire.com
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