Rent vs buy in Miami, FL
A typical home in Miami, Florida, costs $583,705, while typical rent is $2,965 per month.
Buying comes out $27k ahead over 7 years
The inputs include Miami's typical rent and home value, 20% down and today's mortgage rate. The break-even point arrives in year 6.
Clearly labeled opinion with calculations. These are estimates, not quotes. The stamp updates whenever a number changes.
- Ownership comes out ahead by
- $27k after 7 years
- Break-even point
- year 6 when owning catches up
- Actual cost of ownership
- $5,120 /mo year 1, against $2,965 rent
Change my numbers
The stamp takes Miami's typical home value and rent as inputs. Your figures for rent, price and years can reverse the result.
Are your numbers different from the city's?
Enter the rent, price and down payment that apply to you. Those figures change the stamp.
Is it cheaper to rent or buy in Miami?
Including the money returned when you sell, buying costs $27,405 less over 7 years. In year 6, owning's net cost falls below renting's and remains lower.
Renting. Owning. Running net cost by year.
How Miami's average rent compares with its mortgage payment
At Miami's typical price, rent and mortgage payments leave out part of the story. Here are all monthly costs during year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,965 | All of it, every month |
| Mortgage payment | $3,182 | $2,805 of it is interest in year 1 |
| Property tax | $433 | 0.89% of the value a year |
| Insurance | $204 | Census median for the city |
| Upkeep | $486 | 1% of the value a year |
| Owning, cash out | $4,306 | $377 of it builds equity |
| Lost return on the down payment | $949 | Cash earnings at 8.3% a year |
| Buying costs, spread out | $243 | 3.5% of the price over 7 years |
| True cost of owning | $5,120 | Cash paid out minus equity, plus the two entries above |
The figures behind Miami's verdict
- The typical home value comes from Zillow ZHVI, September 2026
- $583,705
- The typical rent comes from Zillow ZORI, September 2026
- $2,965 /mo
- Down payment: a 20% amount avoids private mortgage insurance, but the engine leaves it out.
- 20%
- The mortgage rate comes from Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home pricesFHFA house price index for Florida, 1995 to 2025
- 5.4% yearly
- Rent growth: CPI primary residence rent, yearly growth 2006 to 2026
- 3.5% yearly
- Property tax: Census ACS 2020-2024, Miami
- 0.89% based on value
- Home insurance: Census ACS 2020-2024, Miami
- $204 each month
- Maintenance: Fannie Mae, 1% to 4% range at the low end
- Each year, 1% of value
- Purchase costs: Freddie Mac, 2% to 5% midpoint
- 3.5% applies to the price
- Selling costs: agent commission and closing costs
- 6% based on price
What would change the result in Miami?
Each line shows the point where Miami's 7-year verdict changes, while every other setting stays the same.
Renting comes out ahead if
- Home prices grow at less than 4.8% a year; the calculation uses Florida's long-run rate of 5.4%.
- The mortgage rate remains above 8.07%.
- For a home like this, monthly rent is less than $2,670 (typical here: $2,965).
- Before year 6, you move.
When buying wins
- Home prices increase by more than 4.8% each year.
- You lock in a mortgage rate under 8.07% (today's is 7.24%).
- You'd pay more than $2,670 a month to rent the same home.
- You remain for 6 years or more.
Miami compared with the other 812 cities
| Measure | Miami | Median city |
|---|---|---|
| Typical home value | $583,705 | $422,451 |
| Typical rent | $2,965 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.4 (#525 of 813) | 18.5 |
| Home prices, last 10 years | 6.3% a year | 6.2% a year |
| Rents, last 5 years | 4.9% a year | 4% a year |
| Property tax | 0.89% | 0.87% |
| Households that rent | 69% | 42% |
Sources: Zillow data for ZHVI and ZORI, Census ACS 2020-2024.
More Florida cities
- Buy. Jacksonville, FL. Buying saves $27k.
- Buy. Tampa, FL. Buying saves $19k.
- Buy. Orlando, FL. Buying saves $17k.
- Buy. St. Petersburg, FL. Buying saves $41k.
- Buy. Port St. Lucie, FL. Buying saves $48k.
- Buy. Hialeah, FL. Buying saves $37k.
- Buy. Cape Coral, FL. Buying saves $36k.
- Buy. Tallahassee, FL. Buying saves $11k.
- Buy. Fort Lauderdale, FL. Buying saves $25k.
- Buy. Pembroke Pines, FL. Buying saves $22k.
- Buying wins by $17k in Hollywood, FL.
- Buying wins by $24k in Gainesville, FL.