Did I miss my chance?

[Joseph R.]

Hello,

I am preparing to purchase my first home, here in South Florida (Boca Raton) and I would like to live in this house for a year or so and then rent it out.  However, I am concerned how the home values have increased significantly in just the past few years, and about hearing reports that South Florida is in a bubble that will pop.  If I bought a house today with the way the prices are, it seems that I might not be able to make any profit when I rent it out.  I feel if I bought 5 years ago, I'd be in a great spot to be renting and having a competitive rental rate.  In a way, it feels like a wrong time to buy.  Am I wrong?