Renters across America, including the Sunshine State of Florida, are suffering due to rapidly rising unemployment. Workers and professionals across countless industries are on the verge of losing their homes across Florida and other states because of being out of a job and increased expenses of basic necessities.
South Florida has always been one of the least affordable housing markets for renters, which is why homeownership has become all the more important during the deadly COVID-19 pandemic. It has created a financial cushion for homeowners, particularly those who have paid off their mortgage.
Let’s take a look at the benefits of owning a home during a pandemic:
Renters across the US and Florida are facing the terrible risk of eviction. Rental rates continue to rise, and inventory is extremely low across the housing market. In such devastating times, losing one’s home can be an unbearable catastrophe.
However, those who own their own homes, even if they are still paying off their mortgage, can sustain themselves during this economic uncertainty. Their homes can function as their work-at-home offices, allowing them to operate both, their lifestyles and work responsibilities.
Homeownership paves the way for the creation of an asset that serves as a financial cushion during bleak and tough times. Real estate investors have much to gain from their assets across the housing market. They can continue to obtain rental income and sustain their financial health despite the ongoing economic upheaval.
Those who do not have any assets aside from the house they live in can also reap financial benefits. For instance, they can rent out rooms, basements or attic space to potential renters. This will create a small but still considerable rental income stream to sustain basic expenses.
Reduced Financial Burden
Rent amounts up to a considerable sum that is reduced from our income month after month. Homeowners do not have to face the brunt of this expense, especially if they have paid off their mortgage. The federal and state government has introduced multiple schemes and assistance programs to help homeowners with their mortgage payments and interest rates.
Many real estate agents believe that this is a good time for sellers to put their homes on the market, given the mechanisms of demand and supply. Potential buyers are looking to invest, however, the inventory remains low.