Within the past six decades, Miami has grown from a popular resort town to one of the most famous cities in the world. A major national center of commerce and one of the country's largest seaports, Miami is home to corporate headquarters for Carnival Cruise Lines, Burger King, Bacardi, Benihana, Arrow Air and a host of other industry giants. Its thriving arts scene includes the internationally-famous Miami City Ballet, as well as the Adrienne Arsht Center, the nation's second-largest performing arts complex. This bustling, thriving metropolis is home to 413,892 residents, and many of its most popular, family-friendly residential areas are only minutes away from downtown.
Miami, FL is a great place for affordable rent-to-own homes! With a median household income of over $44,268 and a median rent of $1,242, the Miami, FL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Miami, FL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Miami, FL is seeing rapid growth and Miami, FL's' housing market remains not optimal with an average home price that is 58% above the 2023 national average. Miami, FL is part of Miami-Dade county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Miami-Dade is 1.02% which is above the national average, which is 0.99%.