Miami real estate

has always offered top bang for your buck. Even during the boom times, between the year of 2000 and 2006, the prices have been less expensive than most other comparable destinations in US and around the world. However, due to economic downturn in the recent years, and the tight financial markets, the real estate in Miami became even more affordable.

Miami

has been the most desired destination for South Americans, New Yorkers, Europeans and anyone who has an interest in US business presence. In addition, Florida is one of the three states in US with no state tax. For those who like to mix business with pleasure, Miami offers second to none nightlife, beaches, restaurants and shopping.

So, should you buy or should you rent in Miami? They short answer is – the time is to buy. Here is why: the price-to-rent ratio using the average list price compared with average rent on 2 bedroom apartments, condos and townhomes in Miami listed on Miami MLS in comparison to other cities in US. Here is the list for top US cities to buy:

City Price-to-Rent Ratio
Minneapolis, Minnesota 8
Arlington, Texas 8
Miami, Florida 8
Fresno, California 8
San Antonio, Texas 8
Mesa, Arizona 9
Jacksonville, Florida 9
Phoenix, Arizona 10
El Paso, Texas 10
Las Vegas, Nevada 11

It is much less expensive to own than to rent a home in Miami. However, it is more expensive to own a home in cities like New York, Seattle, Washington, San Francisco, San Diego, Cleveland and Dallas. The total costs of ownership of a home in those cities are greater than the costs of renting, but it might still make financial sense depending on the situation. These calculations are based on the following factors: mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. Total costs of homeownership include an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.