The Cuban content creator Deivis Núñez (@deivis_nunez) shared in a viral video the total amount he paid in rent for his apartment in Miami.
The well-known influencer claims that during the year 2024, he and his family paid the owner of the home they rent a total of 32,400 dollars, at a rate of 2,700 per month.
"This led me to consider whether it makes more sense to pay the same amount with the purpose of making the house mine," Núñez reflected.
In his analysis, he questions whether it is more advantageous to rent rather than take on a long-term mortgage. "Some people think that renting is better than paying for a house over 30 years without knowing what will happen in the near future, but I don't see it that way," he stated.
"What loss are you talking about? If you stop paying rent, they won't let you live there anymore, that's for sure. The same will happen if I use that money to pay a mortgage instead of renting," he stated.
The debate over renting versus owning is back on the table, especially in cities with high costs like Miami.
Buying a House for the First Time in the United States is not as difficult as many people think. There are affordable options such as loans backed by the Federal Housing Administration (FHA) that allow you to start with just 3.5% of the property's value.
Additionally, they offer advantages such as more flexible requirements, acceptance of low credit scores, and lower closing costs. However, real estate agents warn that for the down payment, one should consider an additional 4% to 5% for closing costs.
In total, it is recommended to save about 7.5% of the price of the home, which amounts to $15,000 for a $200,000 house.
The problem is that many newly arrived Cubans are unable to gather those amounts, either due to the low salary or because they invest more in buying cars, appliances, remittances, or traveling, and therefore see access to housing as a true challenge.
Frequently Asked Questions about Renting and Buying Homes in Miami
How much does it cost to rent a home in Miami?
The average cost of renting a home in Miami can be around $2,700 per month. This high price prompts many residents to consider purchasing a home as a possible alternative, although the high initial costs and maintenance expenses can be a challenge.
Is it more convenient to buy or rent a house in Miami?
The decision between buying or renting depends on personal financial situation and long-term expectations. Buying can be a long-term investment, but it involves significant financial commitments. On the other hand, renting provides flexibility and may be more accessible for those who are not ready to take on a mortgage.
What are the hidden costs of buying a house in the U.S.?
Buying a house involves hidden costs such as taxes, insurance, and maintenance. These expenses can significantly increase the total cost of the property and should be considered before making a purchasing decision.
What advice is recommended for those looking to buy a home in the U.S.?
It is crucial to be financially prepared before buying a home. Having a good credit history and a solid financial plan is essential for accessing better loan terms. Furthermore, considering the option of co-housing to reduce costs can be an effective strategy.
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