When conditions are right, owning in our area is much more affordable than renting.

Homeownership in the Miami area remains 40 percent more affordable than renting through 2014’s third quarter, according to a new analysis by Trulia; that’s slightly above a 36 percent rate in the summer of 2013 – mortgage rates have fallen, and rents continue to increase  – and only when rates reach 10.9 percent will renting finally be more affordable than owning.

Of course, there are a couple of qualifiers to such an encouraging stat: not only does Trulia’s analysis assume a 20 percent down payment on a 30-year FRM, but it also counts on tax deductions at 25 percent and that the owner stay in the property for seven years.