The dilemma proposed by this article is a tough one. There’s no easy answer to it. Whether you’re buying or renting a house in Miami, it’s safe to say you’re in luck. You can afford to live in one of the world’s most vibrant cities. There’s no need to overemphasize Miami’s reputation as the party capital of the South, right? Don’t worry, we won’t. Anyway, in the article below you’ll find some arguments in favor of both options mentioned in the title. We’ll try to pinpoint some crucial things in the “buying vs. renting a house in Miami” debate. Stay tuned for some helpful info.
Are you staying or going?
This is the first question you’ll need to ask yourself. How long are you planning your stay in Miami? If you’re pretty sure you’ll be staying in Miami for quite some time, the option of buying seems relatively reasonable. Why’s it relative? Well, Miami homes are pricey. The median price for a home is about $317,700. This is almost $100k more than the national average. Still, if you can afford it, buying is the way to go. On the other hand, renting should be your priority if you plan to stay in Miami for a couple of months. Unless, of course, you’re planning to invest by obtaining a property in Miami you can rent to other people, or sell when the timing’s right. More about that below.
Miami real estate market – 2021 edition
Over the past couple of years, the prices on Miami’s real estate market significantly increased. It took them a while to recover from the 2008 market crash. Today they’re reliving their glory days. Maybe now’s the right time to invest by purchasing a property in Miami. Although, to be frank, no one can predict how long will it stay like this. If you’re used to making risky decisions, buying a home in Miami might be just the thing to do. It can be a great investment. Even if it turns out no to be one, you’ll still have a beautiful vacation home in Florida you can rent to other folks when you’re not around.
Renting a home in Miami
We’ve seen that the median price for a home in Miami is well above the national average. What about the median rent? It’s less than $100 above the national average. That’s not a big difference. Compared to the difference between the median home prices, this one’s so minor you can easily say the rent prices are equivalent. If you’re not looking to make an investment, but on the lookout for a new home, renting a flat for a couple of months can do you well. You’ll get to know the town and its surrounding area. It’s important you make friends with a place you’ve picked as a destination of your new home. No one can disprove that. You’ll need to be sure you want to live there in the first place. Most folks fall in love with Miami immediately, so the getting-to-know part won’t be much of a problem for you.
Folks that rent vs. folks that own
If you were to say that Miami is mostly a renter’s city, you’d be right. Seventy percent of Miami residents are tenants paying the monthly rent. On the other hand, Miami owners make about 30 percent of the city’s population. Which category you’ll find yourself in depends on the money you’re ready to spend and your overall plan for living in Miami. Whatever you chose you can’t magically skip the moving part. In both cases, it is important to plan ahead and deal with necessities. First things first – contact moving companies to get an estimated price for your relocation. Making a budget is a key element of a successful moving organization. Don’t make any doubts about that.
The cost of ownership
This paragraph might turn away potential buyers. But that’s not the whole picture. The cost of ownership has increased also during the last couple of years in the Southeast. With homeownership, you get additional costs such as property taxes, maintenance bills, etc. Some folks say it’s like paying a double mortgage because the mentioned extra costs can turn out to be equal to your monthly mortgage rate. There’s a counterargument to this one. First of all – your landlords include all additional costs in your monthly rent. If you’re renting – you’re still paying these extra fees, just on a smaller scale. So, it’s safe to say that even here we have a tight debate within the greater “buying vs. renting a house in Miami” discussion.
If you have the money, go for it
There might be something of an answer here to the “buying vs. renting a house in Miami” debate. If you have the necessary funds, go for the buying option. That’s basically it. We can talk on the subject on another fifty pages, but it won’t do. We’ll always come to the same conclusion. Buying is a great investment, and if you have the money, then obtaining a Miami property might be your best decision yet. If your plan is to pay the monthly rent, so be it. Most folks don’t have the needed funds to make their dreams come to life. Still, it’s not even remotely bad. As we’ve mentioned at the beginning – you’re still in Miami, which is something not many people can say.
There’s one thing in this article that’s not up for debate – moving services in Miami are top-notch. Make no doubts about that. Local moving crews are there 24/7 at your disposal, providing a helping hand to all folks who need one. Before you settle in Miami, whether as an owner or a tenant, we recommend you contact City Movers, Florida’s own moving champions. They’ll make sure you settle down in no time, without losing your hair over some stressful parts of the relocation.
A quick summary
That’s about it for this article. Let’s do a quick walkthrough. In the beginning, right there in the title, we’ve proposed a question: who wins in the famous “buying vs. renting a house in Miami” debate? If you read the article (somewhat) carefully, you’ve noticed we didn’t give a straight answer. That’s very hard to do in this situation. Although to be completely frank, we gave you a suggestion concerning the buying option, if you can afford it. Also, we’ve talked about great moving providers in the Miami area. Whether you plan to own or rent you’ll certainly need their help. We’ve seen that most Miami residents are tenants and that the monthly rent does not differ much from the national average. When it comes to median home prices, we get a totally different picture. It’s not that hard to see why this debate doesn’t provoke a straight answer.
Thank you for reading. We wish you the best of luck in your future endeavors.