Finding an Apartment in Hialeah and
Why Renting in 2022 is Better Than Buying
Why should you find an apartment in Hialeah? Is it better to rent an apartment than to buy one?
Finding an Apartment in Hialeah and Why Renting in 2022 is Better Than Buying
Why should you find an apartment in Hialeah? Is it better to rent an apartment than to buy one? In the past, purchasing or renting a home was a question of budget and priorities. But, 2022 is here, and now there are many factors to consider when deciding whether to buy or rent an apartment in Hialeah.
Even though most people have a strong desire and need to secure permanent living quarters, factors such as low inventory combined with high demand have driven up apartment prices. While the real estate market is currently difficult, especially for first-time buyers, renting an apartment in 2022 has more advantages than buying.
Renting an apartment in Hialeah can help you save money, increase your chances of getting your dream home in the future, and help you avoid a stressful and time-consuming buying process. Here are the top reasons why renting an apartment in Hialeah, Florida, is better than buying an apartment in 2022.
Cost of Real Estate Is High
Owning a home across the US has become much more complex, with real estate prices hitting a record high in 2022. The median home price rose by 22.9% from the previous year, pushing the average home price in the US to record a new high in June 2022.
Research conducted by REDFIN indicates that home prices in Hialeah increased by 29.6% in April 2022 compared to the previous year. It means that homes are now selling a lot faster than last year due to high competition in the real estate market.
Hialeah's hot homes can sell for about 2% above the asking or listing price. If you're just starting, buying a house at a higher price might not be the best move, especially considering the unstable stock market. Renting a house increases your chances of getting your dream home in the future when the real estate market cools off.
Taxes Are High
Most people in the US are striving to own their own house. However, owning a home comes at a huge price, given today's high inflation. Even though states are cutting taxes, economists warn that the problem of high prices could worsen. Real estate taxes might be a hefty financial burden for a homeowner that's not prepared to handle the skyrocketing inflation.
Each state has individual property tax. Property taxes are paid for by the property owner, meaning that if you rent a house, you don't incur such expenses.
Inventory Is Low
The inventory of homes for sale across the US is startlingly low. According to US News, the number of active home listings was down by 22% in mid-April 2022. That's on top of the inventory hitting a record low in history last year. There's a housing supply shortage in the US real estate market, making buying or renting an apartment more challenging.
Even though the outbreak of the pandemic, combined with other factors such as the current financial uncertainties, made the housing inventory worse, that's not the primary cause of low housing inventory. A report produced by the National Association of Realtors reveals that there's a vast underbuilding gap across the US. The shortage of materials during the pandemic and the supply chain disruptions that occurred during the pandemic drove up the building costs of houses.
As a result of the low housing inventory, most people are now finding it more convenient to rent an apartment in Hialeah rather than buy a home.
High Competition for Homes
A very low housing inventory means that more people are now competing for the few homes. Potential buyers have to make an offer almost immediately, and most homes often end up selling for more than the original asking price.
With the real estate market being more competitive now than ever alongside the current financial uncertainty, there are several reasons behind the low housing inventory that currently limits housing choices. Most homeowners have clung to the existing homes due to their low mortgages. Some homeowners have been forced to retain their current homes because they can't find a new home in such a competitive market.
Renting an apartment helps you avoid the stressful and time-consuming process of purchasing a house in a competitive real estate market, not to mention saving money.
Avoid Maintenance and Repairs and Save Money
Rent, gasoline, insurance, and groceries – it's clear that the cost of living in Florida has become a lot more expensive. The cost of living is not just high; it's getting higher. Overall, prices of everything have gone up by almost 9% from a year ago, and paychecks are not keeping up with the recent price hikes either.
Given the current inflation, thinking about the plethora of expenses that come with owning a home is quite a burden. Buying an apartment is a huge step and a challenging decision because you now have to bear in mind other expenses such as property taxes, maintenance, repairs, and much more.
One of the biggest benefits of renting an apartment is that you'll not incur repair bills or maintenance costs. The landlord takes full responsibility for house improvements, repairs, and maintenance. On the other hand, you become responsible for all your home's repairs, renovations, and maintenance costs when you buy a house. Renting an apartment in Hialeah, Florida, seems a more favorable option to avoid maintenance and repairs.
Apartment Prices Are Stable Than Buying Costs
When you rent an apartment, you're given a fixed amount of rent for the span of your lease agreement. And even though a landlord can raise your rent on notice, you're given time to budget efficiently. Prices of renting an apartment rose during the pandemic, but the rise wasn't as dramatic as the cost of buying a house.
Apartment prices are therefore more stable than purchasing costs. In addition, you also have the flexibility of downsizing if you want a more affordable house.
Thinking About Finding an Apartment in Hialeah? Get Started Today With Shoma Village!
Whether you want to buy or rent an apartment in Hialeah is a personal decision that will solely depend on your priorities, convenience, goals, and, most importantly, budget! However, the expensive and highly competitive housing market means renting an apartment in Hialeah will offer tremendous advantages in 2022.
So, if you're looking for a high-end apartment in Hialeah, don't hesitate to contact us at Shoma Village. There are plenty of luxury apartments to choose from.