Have we reached a point where it is cheaper to buy a house than to rent an apartment? According to a new report, in many parts of the country, this is the case. And the Orlando area is one of them. “Rent appreciation in Central Florida has outpaced home appreciation if you can believe it,” real estate agent Barrett Spray said. Spray worked in Central Florida as a real estate agent for 30 years. He says the cost of buying a house in terms of interest rates is low compared to the cost of building an apartment complex. “Then, the cost of building an apartment complex is very high. The rents they charge for these apartments have gone up,” Spray said. The recent report comes from Realtor.com. It indicates that the average rental price in the United States jumped 19.8% in January compared to a year ago. In Orlando, the monthly cost of buying a home is about 27% less than the average rental price. For example, a brand new apartment complex came up in Seminole County. It has three beds, two baths and measures 1,400 square feet. The rent: $2,800. Barrett says the median home price is around $335,000. That puts the mortgage at around $2,100, or $700 a month less than that $2,800 apartment. “I’m looking at another one which is an efficiency. 391 square feet is $1,518 per month. It’s a hotel room,” Spray said. The downside is that when you buy there is money to be paid up front and money to be paid later for repairs, but conventional wisdom says your house is making you money, but not your apartment. However, there is also an upfront price to get into an apartment: the first and last month’s rent plus a security deposit.

Have we reached a point where it is cheaper to buy a house than to rent an apartment?

According to a new report, in many parts of the country, this is the case. And the Orlando area is one of them.

“Rent appreciation in Central Florida has outpaced home appreciation if you can believe it,” real estate agent Barrett Spray said.

Spray worked in Central Florida as a real estate agent for 30 years. He says the cost of buying a house in terms of interest rates is low compared to the cost of building an apartment complex.

“Then, the cost of building an apartment complex is very high. The rents they charge for these apartments have increased significantly,” Spray said.

The recent report comes from Realtor.com. It says average US rent prices jumped 19.8% in January from a year ago

In Orlando, the monthly cost of buying a home is about 27% less than the average rental price.

For example, a brand new apartment complex was built in Seminole County. It has three beds, two baths and measures 1,400 square feet. The rent: $2,800.

Barrett says the median home price is around $335,000. That puts the mortgage at around $2,100, which is $700 less per month than that $2,800 apartment.

“I’m looking at another one which is an efficiency. 391 square feet is $1,518 per month. It’s a hotel room,” Spray said.

The downside is that when you buy there’s money to be paid up front and money to be paid later for repairs, but conventional wisdom says your house is making you money, but not your apartment.

However, there is also an upfront price to get into an apartment: the first and last month’s rent plus a security deposit.