Is it more affordable to Rent or Buy in the World Golf Village?

GOBankingRates.com recently conducted a study of the cost of renting versus buying in every state. Florida was one of 35 states in which it is more affordable to own a home than to rent a home. The study revealed that the median mortgage in the state of Florida was $1376 while the average rent in the state was $1543, a savings of just over $2000 per year for homeowners. That’s great news for Florida homeowners. Not only are you building equity with each mortgage payment by paying the principle down, but on average you are saving $167 every month over renting!!

So how does the World Golf Village stack up? Out of curiosity I pulled some current numbers from our multiple listing service to see. Here’s what I found:

The most affordable 3 BR home for rent in the World Golf Village area at this moment is available for $1,350/month. Interestingly, in the last couple of weeks there were two homes that sold in the same community with the same square footage and floor plan. Perfect! One sold for $170,000 and the other for $179,000. With a 20% down payment and conventional financing at current rates your payment estimate(principle, interest, taxes and insurance) would be $1,025. That’s a savings of $325 a month for basically the exact same house!!! As a matter of fact, you wouldn’t even need to put 20% down to save on your housing payment. With a 3.5% FHA loan, which includes mortgage insurance, your payment estimate would be $1,270 a month, eighty dollars less than renting.

That’s a good deal for buyer’s looking for affordable homes, but what about the area as a whole?

Here are the Rental and Homes Sold averages for the month of July 2017 in the WGV area

 

State of Florida

World Golf Village

Rent / Own

$1543/$1376

$1782/$1640

 

11% Less to own

8% Less to own

St. Johns County boasts the highest per capita income in the state of Florida so it’s no surprise that home ownership and rental costs are higher than the state average. What may come as a surprise to some is that YES!! It is more cost effective to buy than rent in the World Golf Village. For the month of July 2017, 8% less!!

Jon Evans, Realtor
FLORIDA HOMES REALTY & MORTGAGE, LLC
CELL: (904)534-5664
jonevansrealty@gmail.com

Jon Evans, Realtor
FLORIDA HOMES REALTY & MORTGAGE, LLC
CELL: (904)534-5664
jonevansrealty@gmail.com

If you’re thinking of buying vs renting in Northeast Florida I can help you decide which is best for you. Call, text or email and I would be happy to help.

Find Affordable Homes In The World Golf Village Here

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