Dear Nameer: first of all, congratulations on the new job! Surely, you'll love living here (whether renting or buying) once it gets cooler in MI.
Lots of factors to consider when buying vs. renting: how long do you think you'll stay here? (for example, I know renters, who rented long enough they they literally paid landlord's mortgage off... while he ultimately benefited from the growing equity.
With your own place, you have more control. No one can ask you to move out at the end of your lease (because they want to move in, sell or for another reason).
Purchasing in Miami Beach will not be cheap though. Most affordable inventory will require renovation and / or ongoing maintenance (co$t in terms of money, time & effort); Almost all condos will require 20% downpayment (depending on your financials & credit, in most cases can get a way with an 80% first loan and a second mortgage = higher rate of 15%). Then, add property taxes (which will be higher than those in MI) and condo insurance (not too high for a condo).
I will message you to set a call to answer more questions and assist in self-discovery of what is a better decision for you & your circumstances.
