Rent vs Buy in Miami, FL

Miami-Dade County · 2026 · Rate: 6.23%

Median Home Price
$625K
Median Rent
$2,800/mo
Price/Rent Ratio
18.6x
Verdict
Run Calc

Miami Rent vs Buy Calculator

Pre-filled with Miami market data. Adjust any value to match your situation.

Your Scenario

Monthly Rent$2,800/mo
Home Purchase Price$625K
Down Payment20%
Years You Plan to Stay10 yrs
Annual Home Appreciation4%
Annual Rent Increase3%
Break-even Point
Year 6
After 10 years:
Buying saves +$240K
vs renting over same period
Yr 5
🏢 Rent
saves $10K
Yr 10
🏠 Buy
saves $240K

Buying cost includes P&I, taxes (~1%), insurance (~0.35%), and maintenance (~1%). Renting cost assumes 3% annual increase. Home appreciation at 4%/yr. Excludes closing costs and tax deductions.

FAQ

Rent vs buy questions for Miami

Is it better to rent or buy in Miami?

Miami's price-to-rent ratio is 18.6x. With a ratio above 16, renting may preserve flexibility and capital in the short term. Use the calculator above to find your specific break-even year based on your down payment and how long you plan to stay.

What are the ongoing costs of owning in Miami?

Beyond the mortgage, budget for property taxes (~1.1% per year ≈ $6,875/yr on a median home), homeowner's insurance (~$1,750/yr), and maintenance (~1% of home value annually). Total monthly cost of ownership is typically $51,041 vs. median rent of $2,800.