CNN money recently reported about a survey made in 200 US metro areas. While comparing buying and renting costs, it appears that buying is way more interesting than renting in more than 75% of the polled areas!!
In the last few months, buying a home became a better deal than renting; Rents have increased while home prices have decreased and mortgages became more accessible due to low rates.
For example, if you guys decide to buy in Miami, it would take you only 1.6 years to offset the cost of the purchase compared to renting for the same period. People who are planning to stay in the same home for the next few years should buy a home instead of renting one in most of the cases. However in some areas such as NYC or California renting is still more interesting than buying, since you would have to stay in the same home from 5 to 8 years to breakeven.
So don’t hesitate, check out the new exciting condos in Miami!