The numbers behind homeownership in Miami have reached a point that deserves a hard look. According to a recent NBC 6 South Florida report, the average home in Miami costs close to $600,000, while the average salary is about $67,000 a year. Even before a buyer considers a down payment, that gap is difficult to ignore. For many Miamians, the question is no longer whether renting is a temporary stop on the way to ownership. It is whether renting is simply the better long-term choice.
Lissette Calderon, founder and CEO of the real estate firm Neology Group, put the monthly math in plain terms: “The same house would probably, if you were buying it, would cost you $5,500 a month, but to rent it is $3,500 a month.”
That is a difference of roughly $2,000 every month, or $24,000 every year. To put the buying side in perspective, a $67,000 salary works out to about $5,580 a month before taxes, so a $5,500 monthly housing payment would consume nearly all of it. Zillow data cited in the report backs up the rental side, showing an average rent of about $3,700 for a three-bedroom house in Miami.
The purchase price is only part of the story. Insurify reports that the average cost of yearly home insurance in Miami is more than $15,000, and property taxes add another layer of expense that changes based on the value of the home and when it was purchased. Add maintenance, repairs, and storm preparation, and the true cost of owning a home in Miami grows well beyond the mortgage. Renters avoid these surprises. Their housing cost is predictable, and savings stay available for emergencies, investments, or the next big goal.
Renting also offers something that ownership cannot: flexibility. Many people are renters by choice, and that remote work makes it possible to live anywhere and still build a career. Others are renters by need. Either way, the rental market is growing, and the best communities are the ones designed for how people live. Great rental living goes beyond the typical gym and clubhouse to include thoughtful common areas, green space, and room for families to grow.
That is the spirit behind Havana Enclave. We believe Miami should be a place for the people who were born and raised here and want to keep building their lives here, not only for the ultra-luxury market. If you are weighing the cost of a $600,000 purchase, a $15,000 insurance bill, and a monthly payment that outpaces the average paycheck, we invite you to consider a different path. Explore Havana Enclave and see how much more your money can do when you rent.
Havana Enclave’s leasing is being led by The Oscar Arellano Team at Coldwell Banker Realty, with Oscar Arellano, Eyvis Mendoza, and Nelson Albareda heading the effort as exclusive leasing representatives for the project. To learn more or to schedule a visit, stop by our leasing office at 3485 W. Flagler St., Suite 100, open Monday through Friday from 10 a.m. to 6 p.m., Saturday from 11 a.m. to 5 p.m. and Sunday by appointment-only in the hours of operation. You can also reach the leasing team at (305) 802-2266 or visit havanaenclave.com.
Developer The Astor Companies continues to make incredible progress on the construction of Havana Enclave as it moves closer to its expected completion in the first quarter of 2027. Havana Enclave reflects Astor’s commitment to meet Miami’s housing needs and help the city it calls home reach its full potential.
Havana Enclave General Contractor BDI Construction started installation of landscaping lighting on the sidewalk on the east side of the building, while all electrical room meters have been installed and connected. Havana Enclave’s electric vehicle charging stations are now active. This follows the installation of water meter boxes on the south side of the building and mailboxes in the mailroom.
Astor and the Havana Enclave team look forward to officially opening the building in the first quarter of 2027! For more information about the project, visit blog.HavanaEnclave.com or email Info@HavanaEnclave.com.
