US currently living in south South Florida. Currently own a home with ~ $100k in equity. Wife and I are looking to move out of the suburbs and into the city. Specifically, a condo in our small downtown area.
If we buy, our monthly payment will be approximately $2.5k after putting ~$90k of our equity into the down payment. $2.5k includes taxes and the HOA. I believe we would be comfortable staying in this location for approximately 3 years before selling or renting out.
Alternatively, we could rent a condo in the same or a similar building for around the same $2.5k monthly. If we took this option, we would maintain ownership of our current home and rent it out, netting ~$800 monthly.
Is this a scenario where renting is better than buying? What should I be considering in making this decision?
Submitted September 02, 2021 at 12:27AM by Hey_Wayne https://ift.tt/2WKMmHY
