The Cuban content creator Deivis Núñez (@deivis_nunez) recently went viral with a video where he revealed the total amount he spent on rent for his Miami home. The well-known influencer stated that in 2024, he and his family paid the landlord approximately $32,400, which breaks down to $2,700 each month.
"This made me wonder if it might be wiser to spend the same amount toward owning the home," Núñez pondered. In his assessment, he debated whether renting is more advantageous than committing to a long-term mortgage. "Some argue that renting is preferable to paying off a house over 30 years without knowing what the immediate future holds, but I don't see it that way," he expressed.
"What kind of loss are they referring to? If you stop paying rent, you can't just continue living there. The same applies if that money goes towards a mortgage instead of rent," he concluded.
The ongoing debate between renting and homeownership has resurfaced, especially in high-cost cities like Miami. For first-time homebuyers in the United States, the process is not as daunting as many believe. There are affordable options such as loans backed by the Federal Housing Administration (FHA), which allow buyers to start with as little as 3.5% of the property's value.
These loans offer advantages like more flexible requirements, acceptance of lower credit scores, and reduced closing costs. However, real estate agents caution that buyers should factor in an additional 4% to 5% for closing expenses in their initial payment. Overall, it is advised to save around 7.5% of the home's price, which translates to $15,000 for a $200,000 house.
The challenge arises because many newly arrived Cubans struggle to accumulate such amounts, often due to low salaries or because they spend more on purchasing cars, appliances, sending remittances, or traveling. As a result, they find accessing housing to be a significant challenge.
Understanding Rent versus Homeownership in Miami
What did Deivis Núñez pay in rent in Miami?
Deivis Núñez and his family paid a total of $32,400 for rent in 2024, which amounts to $2,700 per month.
What alternatives did Núñez consider regarding his rent expenses?
Núñez considered whether it would be more sensible to use the money spent on rent to pay for a mortgage, thereby owning the property instead.
What are some affordable options for first-time homebuyers in the U.S.?
Affordable options include FHA-backed loans that require as little as a 3.5% down payment, along with flexible requirements and lower closing costs.