This question has been asked forever and most answers are it depends on how long you plan on living in a home and what your lifestyle is like. If you plan on living in a home for more than 3 years – 5 years, experts say that it is probably more economical to buy. Given the recent decline of property values, especially for those purchased during the most recent boom, I was surprised to see that the Costco January Debate: Is renting a home better than buying? resulted in only 26% of respondents saying it is better to rent. 74% believed buying was better.
With rental rates in Miami on a steep incline over the last two years, I would have to agree. Especially if you are planning on making Miami your home for a while.