Rent or Buy in Miami Beach

[Nameer K.]

Hello everyone.

I landed a job in Miami Beach that would generate $80,000+ and I am relocating there in 2 weeks.

I need some help as I have never actually lived alone or bought an apartment/house before. I am relocating there from Michigan and need a 1/1 apartment. A nice furnished apartment in Miami Beach towards North Beach area is $1,500.

What are the ups and downs of renting vs. buying? Is buying a better investment in the long term? I am sure there are expenses with buying such as taxes, renovation, fees etc... but it seems like renting is so expensive and buying is an investment. I can afford a down payment on an apartment.

I don't know how I should approach this. Any advice would greatly help.