Zillow market rental report for May 2015 shows Zillow Rent Index (ZRI) and Breakeven Horizon.
Zillow Rent Index (ZRI) – is the midpoint of estimated rents in a given region. Half the estimated rental prices are above this number and half are below.
Breakeven Horizon in the number of years you must live in a home before owning the same home becomes more financially advantageous than renting the home. For example, if Boca Raton had a Breakeven Horizon of 2.1 years, it is financially better for you to rent in Boca Raton unless you plan on living there for more than 2.1 years.
Boca Raton’ statistics are:
Zillow Rent Index (ZRI) $2,172
Monthly Change: 0.1%
Annual Change: 3.7%
Breakeven Horizon: 2.1 years