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Soaring Rents Boost the Appeal of Buying


October 22, 2015

A long time debate when it comes to housing is whether it’s better to buy to rent.  Most people will tell you that buying is a much wiser investment than renting, as the money you spend each month on a mortgage is working for you in the long term.  In case you needed even more reassurance on why it’s better to buy than to rent, some recent news might convince South Florida millennials to start looking at listings for sale.

Per a study released today, buying is over 40 percent cheaper than it is to rent a home in Miami-Dade County, 43 percent to be exact.  These numbers assume that buyers can make a down payment of at least 10 percent, which represents a figure closer to what the average millennial or first time home buyer can afford than the typical 20 percent.

The tricky part in all of this comes in obtaining the money to make a down payment as high rent makes it much harder to put aside funds for a home, on top of whatever other bills a buyer might have.  Buyers who do find worthwhile opportunities also have to contend with those who can make cash offers, as these people often beat out buyers who need a mortgage.

The Continuum South Beach is full of fantastic buying opportunities, and each of the Continuum condos for sale are located in an equally fantastic location.  Call Continuum expert Tim Allen at 305-588-2451 for information on sales and rentals on Continuum or other buying opportunities throughout Miami Beach.