This is a question we’re hearing more often as interest rates have stayed elevated. “Should we just rent for a while instead of buying right away?”

It’s a legitimate question and the honest answer is: sometimes renting makes sense. But usually, for Jacksonville empty nesters with equity, buying makes more sense. Here’s how to think through it.

The Case for Renting (Temporarily)

There are real situations where renting makes sense as a bridge strategy:

You need time to figure out where you want to land. If you’re genuinely undecided between St. Johns County, Duval, Nassau, or Clay, renting for 6 to 12 months while you explore can help you make a more confident permanent decision.

You want to sell first and take your time buying. In a competitive buying environment, some clients prefer to sell, take their equity out, and shop from a position of strength with cash in hand rather than contingency offers.

You’re considering a significant lifestyle change. If you’re thinking about moving to a different city or state altogether, renting in Jacksonville while you explore makes sense.

The Case Against Long-Term Renting in Jacksonville

For most empty nesters in Jacksonville, long-term renting after selling is financially disadvantageous. Here’s why:

You lose your property tax portability benefit after 3 years. This is potentially thousands of dollars per year in savings that you forfeit.

Rent in Jacksonville has increased significantly. A 2-bedroom apartment or home in a desirable Jacksonville area now rents for $1,800 to $2,800 per month. That’s money out the door every month with no equity building.

You give up the mortgage interest deduction and property appreciation. Over a 5-year period, the difference in wealth building between owning and renting in Jacksonville is typically significant.

You lose stability. Landlords can sell, increase rent dramatically, or not renew leases. Homeownership provides a stability that renting simply cannot.

The Current Numbers in Jacksonville

A 2-bedroom, 2-bathroom home or condo in a desirable Jacksonville area currently costs between $280,000 and $450,000 to buy, and between $1,800 and $2,500 per month to rent.

At current interest rates (roughly 6.5 to 7%), a $350,000 home with 20% down has a monthly payment of approximately $1,870 plus taxes and insurance, bringing the total monthly cost to roughly $2,400 to $2,700.

At first glance, renting looks comparable or even cheaper. But that ignores equity building, portability benefits, appreciation, and stability. The 5-year math almost always favors buying.

Our Honest Advice

If you’re selling and have equity, use it. Don’t let it sit in a savings account while you rent and pay someone else’s mortgage. The only exception is a genuine short-term bridge where you have a clear timeline to buy.

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Want to run the rent vs. buy numbers for your specific situation? Call (904) 515-2479

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Kevin and Jennifer Hanley, REALTORS® | KW Atlantic Partners Southside The Hanley Home Team HanleyHomeTeam.com