South Florida home prices increase, yet still remain more affordable than renting

Despite the fact that South Florida home prices have increased, statistics show that it is more affordable to buy a home than rent after two years.

A first-quarter study by Zillow showed that Palm Beach, Broward and Miami-Dade counties tied with Detroit for the nation’s shortest break-even point, beyond which buying becomes cheaper than renting. Right now, it takes 1.7 years to break even in Deerfield Beach and 1.5 years in Lake Worth.

With South Florida home prices rapidly increasing, Realtors say that now is the time to buy.

“If you’re sitting on the fence, get off,” Amanda Wilson, an agent with Esslinger Wooten Maxwell in Fort Lauderdale, said in an interview with the Sun Sentinel. “Prices are going up.”

An infographic with information from the Sun Sentinel and the Miami Herald reveal how the median home prices in Palm Beach, Broward and Miami Dade counties have increased from last year.