Bev Murray Home Buying

According to a recent study from Zillow, in 22 of the 50 largest U.S. metro areas, monthly mortgage payments are now lower than rent payments.

While Sarasota isn’t specifically mentioned in this study, the trends show that affordability is improving across many parts of the country, and Sarasota could soon be part of that shift.

With mortgage rates easing from their recent highs, home prices leveling out, and more inventory hitting the market, buying a home is becoming a more attractive option for many renters. If you’ve been on the sidelines, waiting for the right moment to jump into homeownership, now could be the time to explore your options.

Why This Matters for Sarasota Renters

Even if Sarasota wasn’t on Zillow’s list, things are moving fast. Home prices here are starting to moderate, and inventory is increasing. Talking with a local real estate expert about current market conditions can give you a better sense of what’s happening in your ideal neighborhood. What may have felt out of reach just a few months ago could be more affordable than you think.

Keep in mind, the study compares monthly rent payments to principal and interest on a mortgage—other homeownership costs like property taxes, insurance, utilities, and maintenance also need to be factored into your budget. But don’t forget, as a renter, you also have extra costs like renters’ insurance, utilities, and parking fees. In many cases, the total cost of homeownership can be comparable to renting.

Homeownership Offers Long-Term Benefits

One of the biggest advantages of owning a home is the ability to build long-term wealth through home equity. Every mortgage payment you make contributes to your equity, unlike renting, where you’re paying into someone else’s investment. As Orphe Divounguy, Senior Economist at Zillow, explains:

       For those who can make it work, homeownership may come with lower monthly costs and the ability to build long-term wealth in the form of home equity — something you lose out on as a renter. With mortgage rates dropping, it's a great time to see how your affordability has changed and if it makes more sense to buy than rent.

Whether you’re considering Sarasota or one of the surrounding areas, now is the time to evaluate whether buying a home could be more affordable for you than continuing to rent.

Bottom Line

If you’re tired of renting and curious about what it would take to purchase a home in Sarasota, let’s run the numbers together. With mortgage rates coming down and more homes hitting the market, the landscape may be shifting in your favor. Let’s connect to explore whether homeownership is within reach for you now or in the near future.