Is it smarter to purchase a home instead of renting in today’s market, or is renting and investing the savings the way to go? One financial professional and homeowner thinks “most people would be better off renting” these days. 

In a column published by Business Insider, a former financial advisor and current homeowner expresses regret about his choices. The author notes that he and his wife spent a total of $41,000 between closing costs and the down payment when purchasing a $400,000 home in 2021. If the couple had instead invested the $41,000 in the S&P 500 in the first year and added the annual maintenance expenses of $4,000 per year, it would have generated over $2 million in 30 years – for a total profit exceeding $1.84 million. 

"Many potential homeowners underestimate the costs of ongoing upkeep and repairs,” says Joel Ohman, a financial planner and CEO of Clearsurance.com. 

The case for renting over buying is especially strong in the Miami market, given the combination of Florida’s condominium crisis and staggering non-mortgage housing costs. Fortunately, there is an ideal option for those seeking brand-new apartments in the heart of the Magic City. 

Douglas Enclave is an 11-story, 199-unit building with brand-new Little Havana apartments available for rent. It includes a thoughtful mix of studio apartments, one-bedrooms, two-bedrooms and townhomes for rent. Individual apartments feature vinyl-wood flooring, open-concept kitchens, stackable washer/dryer units and efficient appliances. 

Building amenities include a club lounge, fitness center, electric vehicle charging stations, bike racks, gated parking garage, dog washing station, saline pool, business center with computer stations and a package delivery room. Douglas Enclave is extremely transit-friendly and located next to a Coral Gables Trolley stop. 

Little Havana is one of Miami’s most popular neighborhoods to live in because of its convenient location, rich history, culture and many things to do. The neighborhood is perfectly positioned near the world-class shopping and dining of downtown Coral Gables, and a short drive from Miami’s bustling Brickell financial district. 

For more information about Douglas Enclave, call (786) 610-4811 or visit the leasing office located at 61 NW 37 Ave. between 9:30 a.m. and 5:30 p.m. from Monday to Friday. Douglas Enclave is part of Miami-Dade County’s Workforce Housing Program – contact the leasing team for more details and qualification requirements.