Renting vs. Owning; this is a perennial discussion for many people considering their options. One major perk of renting over buying is: location. Many people, specifically young professionals, won’t be able to afford to buyproperty that satiates every want, need and desire; however, they can afford to rent a place that may meet most of their criteria.
Think for a minute what a one bedroom apartment on, say, Miami Beach might cost.
The median home value for Miami proper is $266,600 and that is a 24.1% rise over the last year; that shakes out to $371 per square foot. This is a huge step up in price from the $179 per square foot average for Miami/Fort Lauderdale metro areas.
But, being that Miami Beach is centrally located to the bustling ports of downtown, Wynwood, Brickell and the business district, it may be ideal for a person to live there. Thus, renting a place in a centrally located and beautiful area is not only possible but much more affordable than buying.
Also, consider the creature comforts that come with renting beyond one’s immediate means. If there is a gym in the complex, the likelihood goes up that it will get used more often.
This could lead to a better quality of life in the long run. Plus, consider the time spent enjoying the creature comforts an investment in quality of life. In a survey 43% of people reported that they were unwilling to date someone who lived more than 30 minutes away.
Living in the same neighborhood gives people common interests, living in the same complex brings those interests even closer together.
The time spent lounging at the pool or enjoying the gym is actually time spent getting to know neighbors and building relationships. Working and living in a community that represents where you aspire to be, may be the first step towards getting there.
statistics from Rent.com & Zillow.com