Renting Vs. Buying a Home in Orlando Florida
Why, Why & Why Rent When You Can OWN YOUR HOME?
Orlando is one of the Top 10 fastest growing cities in the United States and it is a perfect place for people who love to live life king size! Orlando enjoys warm weather all year round and has the best to offer to its residents – from mouth-watering cuisine to exotic location, excellent employment opportunities, and the best community life.
So, if you have been thinking of relocating to Orlando, FL there is no reason why you need to think twice; however, there is one thing that needs to be considered, whether buying a home is better than renting. With the recent housing market collapse, there are high chances that you will find your dream property easily, but deciding whether to rent or buy can be difficult. The conventional wisdom says it is always better to buy than rent since you build equity with every mortgage payment. Moreover, the price of a property will inevitably increase owing to the fact that there is and will be a rise in demand for property in Orlando and other thriving cities.
Why believe what other people say? When it comes to investing a large portion of your hard earned money, it is always best to evaluate the options, understand the numbers and then make an informed decision. Thus, to help you make the best decision regarding buying a home or renting a 3BR apartment, let us explore the statistics of some popular areas in Orlando, FL.
Baldwin Park Orlando
With liveability index touching 76, Baldwin Park is an extremely liveable area in Orlando FL, with high capita per income, stable housing market and lots of amenities. Baldwin Park is home to 6986 people and the monthly mortgage payment to own a home would be $1,451.50, while the median home rent asked for a 3BR apartment is $2,800.
College Park Orlando
Ranked Number 17 in Orlando, FL, College Park accommodates more than 11,020 people. People in College Park enjoy an excellent community life and have access to top class amenities. It is therefore evident, why so many people choose to live in this area. So to help you decide whether to buy or rent in College Park, here are the statistics — the monthly mortgage payment would be $1,167.27 and median rent for a 3BR apartment asked is $1,550.
Lawsona-Fern Creek Orlando
With more than 2200 residents, Lawsona-Fern Creek is considered to be one of the best places to live in Orlando, FL. The liveability index is 73 and this place enjoys a warm and sunny weather all year around. If you are willing to live in this area, but are unable to decide whether to buy or rent a home, look at these stats — the monthly mortgage payment in the area is $1,448.00 and median home rent is $2,049.
Lake Eola Heights Orlando
Lake Eola Heights is ranked number 3 in Orlando and is home to 2096 people. This area is extremely desirable with liveability index at 79. With low crime rates, great educational and employment opportunities, the Lake Eola Heights is one of the most sought-after places to buy or rent a home. To help you decide better – the monthly mortgage payment to own an apartment would be is $ 1,820.28 and median home rent is $2,099.
Central Business District Orlando
With a population of 3381 and liveability index at 78, the Central Business District is a great place to live in Orlando. Low cost of living, high income per capita, etc. are some of the factors that attract people to this place. However, the monthly mortgage payment would equal to $789.39 and median rent for 3BR apartment is $1,400.
Having the numbers at hand, it will now be easier for you to decide; however, buying clearly wins over renting in Orlando. First-time home buyers in Orlando, FL have access to home financing assistance such as the Down Payment Assistance Program, SHIP Assistance, USDA Financing, etc. You don’t have to worry about paying huge down payments or maintaining stellar credit scores. Most home financing programs allow first-time home buyers to own a home for low or no down payment and qualify for home loans with low (>640) credit scores.
So if you have decided to relocate to Orlando, buying a home over renting is going to be a wise decision.