While he was taking out the garbage one night, Eli saw his neighbor loading up a moving truck. (Bankrate is not disclosing Eli’s last name for privacy reasons.) His neighbor’s lease was up, but the neighbor made it clear that he didn’t want to move. He told Eli that if he knew anyone wanting to sell, he’d be interested in buying. Eli said he was open to the idea.
By the time he got back inside, Eli had an all-cash handshake deal to sell his condo.
This was far from impulsive — Eli had been thinking about listing his place for months. You see, a lot had changed in the seven years since Eli bought his condo in South Florida. One of the biggest changes? His mortgage payment. Even with a locked mortgage rate and purchase price, his insurance premiums, property taxes and condo association fees kept rising. On top of that, costly assessments and issues with other condo owners added more stress and uncertainty.
That’s when Eli decided his peace of mind was worth more than being a homeowner. Now, he rents a brand-new apartment two blocks away with a community resort-style pool, private beach, gym, sauna and double the square footage — all for $200 less per month than what he was paying for his condo. He’s not the only one paying less to rent; Bankrate’s 2025 Rent vs. Buy Study found that renting is more affordable than paying a mortgage in all 50 of the largest U.S. metros.
Condo living is getting more expensive, especially in Florida
When Eli moved into his one-bedroom, ground-floor condo in 2018, his monthly homeowners association (HOA) fee was $350. When he moved out, it had risen to $800 a month, or $9,600 a year. That’s an increase of over 128 percent in seven years, or just over 18 percent annually. The national average HOA payment was $243 a month in 2023, according to 2023 American Housing Survey data from the U.S. Census Bureau.
The average condo owner in Florida has seen steep increases in condo association fees. Tampa condo owners saw an over 17 percent increase in HOA fees year-over-year in 2024, according to Redfin. Redfin also found that condo owners in Fort Lauderdale and Orlando saw median YoY increases exceeding 16 percent.
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