When does it make sense to rent vs own in Florida?

[FloridaMD]

I left the state 14 years ago, have been living in Oregon. Beautiful state, but the last several years has declined greatly in quality of life due to increasing crime, drugs, homelessness, loss of a lot of doctors (like me) that would make it hard to stay here in retirement and have the services I need, especially my own healthcare. I'm now about 3 years away from hanging it up myself. I've thought about coming back to Florida where I spent 10 years of my life. I still have many friends there to reconnect with. Looking at St. Petersburg. Very shocked to see the explosion of cost of housing there since I left (lived in Tampa/St Pete area from 2000 to 2003). Areas where homes used to be under 100K for a dump now running 300K plus, and homes similar to what I have out here in Oregon are priced similarly 600K and up, so I wouldn't be getting much of a positive trade off there, I'd call it a wash.
I'm more worried about the escalating costs of homeowner's insurance with flood/hurricane and even being able to find a policy at all. Makes me think there is bound to be some inflection point eventually where it makes more sense to rent than throw away so much money on insurance, HOA, etc., especially in retirement when I may not be in a place longer than 20 yrs before I end up in a retirement community/ALF, etc.
I'm single, fancied maybe living part of the year out of the country, but I'd spend probably 6 months a year stateside. Really don't want a condo/townhouse as I don't want to be right on top of other people. Have plenty of time to consider options, but wondering if this topic has come up a lot lately with the escalation in home values and taxes/insurances.

[FL_Expert]

Nationally, it makes more sense to rent than own and that’s the case here. Buying a property will cost more on a monthly basis than renting the same property.

[beach43ofus]

My Dad sold his home when he hit 80 so he could access the equity to live off of, and because he didnt want his wife (my Stepmom) or me to have to deal w/ selling it.

He's 90 now, and still renting...shares a home w/ my Stepsister.

So, old age is a situation where renting can make more sense than owning...not always though. If you own beachfront, waterfront, or unique property in high demand, it might make sense to pass that property down to your heirs...if you can afford the carrying costs.

[Arcenal813]

I rent, because I am a single guy with no plans to re-marry, and have no desire to be tied down to any specific location at the moment.

[LKJ1988]

FL is not the state to live in. Worst weather in the country unless ya like heat pete year round with no rain and insane dew points over 77f. Rents gents are way too much here and where i live homes were selling for 20k in 1212 and now the dumps are selling for 150k and up.

[FloridaMD]

Originally Posted by LKJ1988

FL is not the state to live in. Worst weather in the country unless ya like heat pete year round with no rain and insane dew points over 77f. Rents gents are way too much here and where i live homes were selling for 20k in 1212 and now the dumps are selling for 150k and up.

I really have to find a humid place for retirement, as crazy as that sounds. I have severe corneal dryness issues and any low humidity environments cause me significant eye discomfort. I have to live on lubricating eye drops. As much as I hate sweating my butt off, my eyes feel wonderful every time I come back to Florida to visit. Indoor humidifiers don't work well enough.

[wizrap]

My sister in law owns a 3/2 SFH in a Broward suburb. One of her friends owns a high rise condo right on the ocean. Her friend can’t afford the assessments and property taxes so for now, she’s renting a room from my SIL and renting out her condo, which pays for the assessments, taxes and the rent my SIL is charging her. Wild!!!

I know of two people who also are just renting rooms. One, in a blue-collar section of Broward, is paying $600 a month. Another, in west Boca, very nice area, is paying $1000 a month. Appears to be a win-win. The renters pay less than the going rate on a one-bedroom apartment and the landlords get extra income to help pay the mortgage, insurance and taxes.

It’s crazy how the “room rental” market is booming.

[Arcenal813]

Originally Posted by wizrap

My sister in law owns a 3/2 SFH in a Broward suburb. One of her friends owns a high rise condo right on the ocean. Her friend can’t afford the assessments and property taxes so for now, she’s renting a room from my SIL and renting out her condo, which pays for the assessments, taxes and the rent my SIL is charging her. Wild!!!

I know of two people who also are just renting rooms. One, in a blue-collar section of Broward, is paying $600 a month. Another, in west Boca, very nice area, is paying $1000 a month. Appears to be a win-win. The renters pay less than the going rate on a one-bedroom apartment and the landlords get extra income to help pay the mortgage, insurance and taxes.

It’s crazy how the “room rental” market is booming.

Yeah I'd be a "room renter" if it weren't for the fact that I have two kids who spend 50% of their time with me. I've done it before, and it just wasn't comfortable, what with general lack of privacy and whatnot.

But were I completely by myself, it's absolutely something I would do, as long as I had my own bathroom.

[LKJ1988]

Originally Posted by FloridaMD

I really have to find a humid place for retirement, as crazy as that sounds. I have severe corneal dryness issues and any low humidity environments cause me significant eye discomfort. I have to live on lubricating eye drops. As much as I hate sweating my butt off, my eyes feel wonderful every time I come back to Florida to visit. Indoor humidifiers don't work well enough.

It is much hotter here now and drier than it was in 2003. But if ya like that kid of weather then live on the gulf where i am with lows of 78 to 84f half of the year.

[City Guy997S]

Originally Posted by FL_Expert

Nationally, it makes more sense to rent than own and that’s the case here. Buying a property will cost more on a monthly basis than renting the same property.

Ehhh..........I've never seen a renter turn a profit.

Got any links that show renting is "more sense to own?"