• cash flow/opportunity cost:  not having money tied up in a mortgage, taxes, and insurance, allowed more money for investing, travelling, miscellaneous purchases 
• flexibility:  if they wanted to move into different neighborhood, change size , or relocate for a job, their choice is not dependent on first having to sell their home
• better lifestyle:  they argued that they could rent a nicer place in a nicer area than they could afford to purchase
• maintenance-free living:  don’t have to worry about repairs, yard work, pool cleaning

The pro-buyers argued that buying was better because:

• it builds equity: which helps build your net worth.  It is basically a forced way of saving money.
• tax benefits:  interest on a mortgage is currently tax deductible, thereby reducing taxes you owe
• gives you control over finances:  you are not subjected to rental increases
• stability:  since home ownership is fairly long term, owning a home creates a sense of security and community
• maintenance:  don’t have to wait for landlord to change or repair something.  Have control over quality of work of repairs and type of work done (i.e wood floors vs changing carpet)

Obviously both renting and buying have their pros and cons.  The New York Times rent vs buy analysis says that overall, if you stay in a place for 5 years or more, you are better off financially buying.  This analysis assumes that the landlord pays utilities, which for the most part in Miami-Dade is not the case.  The tenant usually pays all utilities, except for those that are provided by, and included in, the condominium’s maintenance fee.

So what side of the fence are you on and why?

If you are a renter, you may want to consider the affordability index in the city you live and work in and calculate the cost of renting vs. buying.  If you are a landlord, you may want to look at Money Magazine’s Best Cities to Be a Landlord list

Obviously is more to consider than simply the cost when you decide whether to rent or own, but knowing your costs is probably one of the largest factors.

Here is what is available in the MLS  if you are looking in the Brickell/Coconut Grove area for unfurnished condos built since 1990:

• There are 24 three bedroom two (or more) bath units ranging in price from $2,500 up to $8,000
• There are 47 two bedroom two (or more) bath units ranging in price from $1,650 up to $7,500
• There are 67 one bedrooms for rent ranging in price from $1,300 – $5,500

You would be surprised by how much your specifications will either shrink or increase the availability of rentals in the Miami area.

If I were a shopper, I would add the Aventura Mall.  I personally can’t stand shopping, but this mall is amazing.  It is large, clean and has such a variety of stores.  If you can’t find what you are looking for here, you probably don’t need it.

Locally, the market has been moving a lot, keeping buyers, sellers, renters, and Realtors, on their toes.   There are constant price adjustments on properties already listed, both upward and downward; properties priced well are going under contract (last week the EWM office in Coral Gables that I work out of had $21,000,000 worth of transactions) and renters are snapping up deals as downward pressure on rents, especially in condos, has given tenants more negotiating room.