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To Rent or to Own “


” 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 improving after showing the unemployment rate dropping to 7.5 percent in 2013, versus the 2012 unemployment rate of 9.4 percent. In addition, jobs have increased by 0.8 percent in the last 12 months, presenting nearly 5,000 new jobs.


The average listing price of First Coast homes in September


2013 was $230,585, with the median sales price of real estate sitting at $119,000. This is a 19 percent increase compared to last year’s data.


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


Fifth Third Bank is proud to partner with the JAX Chamber and sponsor the


Get Smart! program, a new entrepreneurial education program to help small businesses succeed.


– Nathaniel Herring City President, Fifth Third Bank (North Florida)


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. And, 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 a growling dog, the rock star wannabes practicing in the garage next door or a colony of flamingos living on the neighbor’s lawn must be either tolerated or negotiated.


By the same token, renting has its pros and cons. Financially, the initial investment is miniscule compared to


buying a home. Most rental properties require only a deposit and the first month’s rent prior to moving in. And, there are no property taxes involved in renting a home, condominium or apartment.


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 2013 that the area's real estate market saw a 3.5 percent increase from last year.


48


According to AptIndex.com, the percentage of vacancies in Jacksonville was 8; the average rent was $820 and the market rank was 96 as of October 2013. According to RentJungle.com, the average apartment rent in Jacksonville was $831; one bedrooms were $673 and two bedrooms were $825. This data was recorded in October of 2013.


First Coast Relocation GuideTM 2014


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