Renting in Miami for $900 while trying to save to buy.

9 Replies

So my wife and I have been renting for about 2 years now $900 in north Miami Beach. We really want to start looking to buy and want to take advantage of the low rent we have now. What recommendations do you guys have for us? Our combined income annually is about $65k. What steps should we be taking? Thanks in advance.

Originally posted by @Douglas Guerrero :

@Zach Quick

That’s def the plan!! Looking for a multi family housing for that purpose. Thank you!

The problem you will run into is finding a multi-unit that is affordable in South Florida. The run on them was 2012-2014. Since then, prices have been at a premium. There are a few deals here and there, however it's not easy - especially in Miami-Dade.

@Douglas Guerrero

I Agree with affordability.

I rent in coconut grove, Miami now. 1 bedrooms in this neighborhood and surrounding areas are $1850-2500 for 1 bedroom. My 1 bed condo goes for $2000/month and for sale is $300k.

Even the lower priced neighborhoods house price are very high.

If you end up finding a cheap place, make sure you go check the neighborhood out extensively first.

You should get preapproved to see what you can afford then go from there.

Originally posted by @Douglas Guerrero :

So my wife and I have been renting for about 2 years now $900 in north Miami Beach. We really want to start looking to buy and want to take advantage of the low rent we have now. What recommendations do you guys have for us? Our combined income annually is about $65k. What steps should we be taking? Thanks in advance.

Had no idea rent was that affordable in Miami. $900 per month doesn't get you much here in Greensboro, NC. If you don't mind me asking, is your current place decent?