U.S. housing affordability has reached historically low levels in recent years, which confirms that renting is the sensible choice now. This is especially true in the Miami market, where only 1 in 50 residential listings are considered affordable, a new report shows.

Bankrate examined Realtor.com data and found that those earning the median U.S. income cannot afford 75% of listed homes. Miami’s median price for condominiums and single-family homes has surged over 80% since the pandemic due to the area’s population boom over the past five years. Experts cite the continued wealth migration to Miami, which means elevated home prices are here to stay

“There’s this flow of wealth and talent that’s coming here that’s really changing the landscape here for buyers at all levels,” says Ana Bozovic, a market advisor for the Miami Association of Realtors. “That’s a force that isn’t going away.”

As a renter, you can ride out the housing unaffordability cycle by locking in your monthly rent with an 18-month lease at Douglas Enclave. As long as market conditions favor renting, new buildings that offer connectivity, convenience and unforgettable experiences like Douglas Enclave will be in high demand.

Douglas Enclave is an 11-story, 199-unit building with 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.

Additional building amenities include a club lounge, business center, saline pool, fitness center, pet washing station, EV charging stations, storage space, bike racks, gated parking garage, package delivery room and on-site property manager and maintenance. 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 6 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.