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Rent or Purchase

Nov 18, 2021

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There was an analysis done of the rents, throughout the country, and the average renter generally was paying 30.3% of their total income, or slightly above that percentage than was generally considered for making ends meet. So they’ve done a study and they figured that you really need to be at 30% or lower in order to make ends meet. I think that, it frustrates people, but when you go to find a tenant, for someone, the requirements are, they’re looking to make sure that you have 3 X’s the rent because they want to make sure that you’ve got enough money to pay all the other bills
that you might have.

There’s usually utilities, cable, internet, phone, all of those things. Maybe there’s some kind of upkeep that you need to do on the lawn or pool as well. There is always something that’s going on that you have to have additional money for, and that doesn’t include your car or gas or food or any of those things either. So it comes down to when you’re paying rent, they’re suggesting that 30% of your income is the max that they, figured that you could use or should use on rent generally. And you would have a hard time making ends meet on other costs if it’s more than that

Rent jumped in the U S in general, 6.1% from a year ago. And as a result of that, they’re saying that the average renter is spending 40.3% of their income on rent and a year earlier, it was 38.3. In Orlando, we’re above that too 34.8%, that’s not
necessarily good news for renters, and that’s why we’re always saying that it might be cheaper for you, and most likely cheaper for you to actually purchase the place than it is for you to rent it. We’re trying to make sure, there’s something that you can do in order to make things happen and, to get in the house that
you want and get it for a price that you want. So we’re always, looking at it from all angles, does it make sense for you to rent or should you do something else? And that’s what we’re making sure happens.

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