Millennials Should Buy, Not Rent
by Sep Niakan | November 19, 2015
The generation that's faced so much economic hardship continues to grow up and it seems there's no end to their challenge. Particularly evident in South Florida, is the issue of housing. Millennials living in South Florida want to buy homes but encounter a shortage of affordable homes in the current market.
And the decision to buy instead rent is backed by research. According to a study compiled by Trulia in Miami-Dade County, buying a home is 43% cheaper than renting one. The trend continues in Broward, where purchasing a home is 44% cheaper. In the same report, they discovered that only three out of the top 100 biggest cities in the U.S. get a greater benefit from renting than buying. Those cities were Houston, TX, Baton Rouge, LA, and Syracuse, NY.
“The fact that buying is a better deal is particularly surprising because home prices in South Florida have been on a tear over the last three or four years,” Ralph McLaughlin, Trulia's chief economist said, “But rents are going up quickly too.”
Renters spend more per month in rent than a monthly mortgage payment would cost after the down payment. The median price of single family homes and condos in Miami-Dade county was a little over $240,000 in September. The median rental price was almost $2,000 per month. Although many experts acknowledge the difficulty of the down payment for young buyers and attribute the lack of home purchases to the lack of ability to save enough for a down payment. We see there are several factors at play. Keep and eye on how this phenomenon plays out. It's a good indicator of the overall longterm financial wellbeing of this generation.
by Sep Niakan | February 26, 2017
The first days of Spring in Miami are arriving and so is a wave of exciting new events. Whether you’re enjoying the spring break (or trying to avoid those on one), here are some great events to look forward to in the month of March: Miami...
by Sep Niakan | February 22, 2017
A previous blog on how a petition to privatize an alley adjacent to Cité Condo sparked rumors of a new hotel coming to Edgewater did spark another thought process. It seems the latest trend for developments in Edgewater is to either be a...
by Sep Niakan | February 15, 2017
Miami has always been a melting pot of cultures. From the Bahamians that came to work at the Peacock Inn in the 1870s to influx of Cuban immigrants in the 1960s. Miami didn’t just welcome people with open arms, but also embraced their...
by Sep Niakan | February 14, 2017
Valentine’s is just around the corner, and while most people equate Valentine’s Day with romantic love, I prefer to celebrate love in a broader sense. To me, it’s more about celebrating bonds and relationships of all kinds,...