Heritage Publishing, Inc. © 2013
To Rent or to Own
By Laura Hampton In addition to financial considerations, lifestyle plays an
important role in the decision to purchase or rent a home. For some, the desire to lay down roots and become part of a community fulfills their “American Dream.” Others feel caged without the freedom to roam around the country.
Recent reports by the Jacksonville Business Journal suggest
the First Coast’s economy is steadily improving after showing increases in September, October and November 2012. In addition, jobs have increased by 0.7 percent in the last 12 months, presenting nearly 4,000 new jobs.
The value of real estate is also increasing. The average
home price jumped from $192,618 in June 2012 to $201,939 in July 2012. While this figure is significantly lower than the average home price in 2007 before the housing market collapse, University of North Florida economist Paul Mason speculates increased home values indicate the long-term economic recovery is likely to continue.
QUICK STATS FOR THE FIRST COAST
Real estate trends:
www.trulia.com/real_estate/jacksonville- florida
The Northeast Florida Association of Realtors reported in October 2012 that the area's real estate market saw a 3.7 percent increase from 2011.
According to
AptIndex.com, the percentage of vacancies in Jacksonville was 10; the average rent was $784; and the market rank was 91 as of October 2012. According to
RentJungle.com, the average apartment rent in Jacksonville was $840; one bedrooms were $661; and two bedrooms were $835. This data was recorded in October of 2012.
According to
Trulia.com, the median sales price for homes in Jacksonville as of April 2013 was $97,000 and the average price per square foot was $69.
36 First Coast Relocation GuideTM 2013 With an optimistic outlook for home values on the First
Coast, now may be a good time to consider buying a house. But, clearly there is no right or wrong decision when it comes to owning versus renting. Each has its advantages and disadvantages, and often the decision is based on personal values.
One of the main reasons people choose buying over renting
is the opportunity to reap financial rewards. According to Money Allocator, making a monthly mortgage payment is like putting money in a savings account rather than giving it to a landlord. Each time a payment is made a percentage goes to equity. In addition, interest paid on a home loan can be deducted on your income taxes.
Other reasons residents purchase rather than rent include a
sense of pride and accomplishment in owning a little corner of the world, and the benefits of belonging to a community where people know and look out for one another.
There are some downsides to owning, however.
Maintaining a home and yard can be time-consuming and costly. In addition, maintenance costs, attorney’s fees, closing costs and annual property taxes can put a dent in the wallet.
Just like relatives, you can’t pick your neighbors, nor can
you really pick your neighborhood. Regardless of the amount of research you’ve put in before you make a purchase decision, neighborhoods can change over time and neighbors can change frequently. Unlike renting, buying a house is a long- term commitment. You can’t just pack up and move when things are less than pleasant. So that growling dog, the rock
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