Well, if you still weren’t sold on the idea of purchasing a Miami property, then pay attention to this tidbit. RealtyTrac recently conducted a study on housing affordability, and the results show that it is cheaper to buy a home in Miami than it is to rent one. This is pretty interesting information considering that home prices are increasing steadily.
Apparently, the average homebuyer that 
decides to make a Miami investment will spend about $800 per month on a 30-year, fixed-rate mortgage, insurance, taxes, and maintenance. On the other hand, renters of the same type of Miami real estate will spend almost twice that amount per month for rent alone. The rental market has been pretty competitive over the last few years because many people were unable or unwilling to purchase a home when there was so much uncertainty over the real estate market and lending requirements tightened drastically. The demand for rentals skyrocketed and the supply of rentals plummeted, which contributed to the increasing cost of rent. Now that the real estate market has rebounded nicely and more people are interested in buying again, the current state of things may change and it could eventually cost more to buy than rent in Miami.