When making a decision to buy a home, without a doubt, Lee County, and more specifically Cape Coral - Fort Myers
are the most inexpensive locations to purchase a home in the entire country. However, in direct contrast with the price of houses, Lee County ranks high above average when it comes to rental rates.
A report conducted by The Center for Housing Policy in Washington, D.C. stated the median home price is $95,000 (same as reported in 2010) which makes the area tied with Scranton, PA. for 186th place out of 211 metropolitan areas listed on the report from highest to lowest.
On the flip side, the median monthly rent on a two bedroom apartment was $996, ranking the area 56th on the list, down from last year’s reported median monthly rent of $1,029 but still high nonetheless.
Topping both lists was San Francsico, CA. boasting a median home price of $550,000 and a median rental rate of $1,833 a month. The most affordable houses in the country according to the list are found in Lima, OH. Where the median home price sits at $63,000 and the cheapest rental rates are to be found in Springfield, MO. At $594 a month.
The high rental rates in Lee County are a direct result of the homeowners that have undergone a recent foreclosure and are in need of housing quickly. It appears to be an ongoing trend with no end in near sight until the foreclosure crisis in the area gets under control.
The same report, also mentioned that although employment nationwide is picking up, many people are still not in the position to buy a home. It went on to say that clearly while some job is better than no job, it still just isn’t enough to help people get into a home, many of whom who even though they are now employed, still have old bills to catch up on, and are trying to remain afloat and back on their feet, so buying a home or saving for a home for that matter is just not an option for them yet.
With rental rates being high in the area and home prices so low, it makes for an ideal atmosphere for an investor, especially one that has cash to purchase the low priced home, and can then turn around and rent out the same home at a higher than normal rate, thus gaining back the initial investment that much faster.