CAPE CORAL, Fla.—A new national report suggests owning a home could cost less than renting. Still, many residents in Cape Coral, Southwest Florida’s largest city, say that affordability feels out of reach.
For sale signs are planted all around Cape Coral, yet getting the keys to a home isn’t easy. A new report from ATTOM indicates that while owning can be cheaper than renting, high prices and upfront costs are preventing many from becoming homeowners.
The report states that home prices are rising faster than rent in most markets, making it harder for first-time buyers to save, even if their monthly payment would be lower. In Cape Coral, many families struggle.
“The cost of living is high, and that makes it harder, especially for first-time home buyers,” said a resident who chose to stay anonymous.
Jose Torna, a realtor from Coldwell Realty in Cape Coral, believes current mortgage rates are not out of reach.
“First-time buyers don’t need twenty percent; FHA is three-and-a-half percent,” said Torna.
Despite the numbers suggesting homeownership might be cheaper, many residents question whether it truly matters when affordability remains a challenge.