A new report from LendingTree quantifies the significant gap between the cost of renting and owning in Miami these days. The numbers don’t lie: apartment buildings like the brand-new Douglas Enclave are the best option for those facing housing decisions in the Miami market! 

Based on median monthly rents and median monthly housing costs for homes with a mortgage, renting in Miami is 27% less expensive than owning. LendingTree analyzed U.S. Census Bureau data in its research of the nation’s largest metropolitan areas. Other key questions answered in the report include: 

Q: Is it better to rent or own? 

A: Renting is absolutely the recommended option for anyone who cannot afford current elevated interest rates or a substantial down payment, does not plan to stay in the home for a long period of time, or does not want to deal with the headaches and costs of maintenance. That does not even factor increasingly high HOA fees that are driving more people to rent. 

Q: Should I rent or purchase a home in Miami? 

A: The median monthly rent in Miami is $1,914. When comparing that to the $2,424 median monthly housing costs for homes with a mortgage, the choice becomes obvious. 

This report follows recent eye-opening comments from Federal Reserve Chairman Jerome Powell emphasizing how the “growing crisis in the insurance industry” will make it extremely difficult to obtain mortgages for homes and condominiums in our area. 

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.