Research / Rent vs. buy / Florida / Miami

Rent or buy in Miami?
Renting is $1,237 a month cheaper.

Renting the typical home in Miami costs $1,237 less a month than owning it. Counting equity, price growth and what a renter could earn by investing the difference, buying comes out ahead in year 14.

Updated September 26, 2026 · Zillow data for August 2026 · 7.03% mortgage rate (Freddie Mac, September 24, 2026) · Rank 96 of 340 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study

Monthly cost to own$4,245typical home, 20% down
Typical monthly rent$3,008Zillow, August 2026
Buying breaks evenYear 143.5% price growth
Cash needed to buy$133,599$580,866 home · 20% down + 3% closing
Income needed to own$169,803vs. $120,320 to rent · 30% rule

Where the monthly money goes.

The first-month cost of owning the typical Miami home, split into its parts, against the typical rent. About $379 of the first mortgage payment is principal, which you keep as equity.

The median household income in Miami is $62,462 (Census ACS 2020–2024). Owning the typical home would take 82% of it; renting would take 58%.

As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Miami-Miami Beach-Kendall, FL HUD Metro FMR Area area is $3,277 a month, still $968 below the cost of owning.

  • Mortgage principal & interest $3,101
  • Property tax $428
  • Home insurance $232
  • Maintenance $484

How long you would need to stay.

Net worth of a buyer compared with a renter who invests the down payment, closing costs and any monthly savings at 6% a year. Home values and rents grow 3.5% a year; selling costs 6%.

Change the assumptions

Buying vs. renting in Miami, by years in the home
StayResult
3 yearsRenting ahead by $49,951
5 yearsRenting ahead by $46,050
7 yearsRenting ahead by $39,830
10 yearsRenting ahead by $25,165
15 yearsBuying ahead by $18,202
20 yearsBuying ahead by $95,277
30 yearsBuying ahead by $421,304

Rent or buy elsewhere in Florida.

Other large Florida cities in the study.

All cities
JacksonvilleRenting $566/mo cheaperTampaRenting $849/mo cheaperOrlandoRenting $878/mo cheaperSt. PetersburgRenting $555/mo cheaperPort St. LucieRenting $520/mo cheaperHialeahRenting $818/mo cheaperCape CoralRenting $593/mo cheaperTallahasseeRenting $791/mo cheaper

More on Miami

See the full Miami rental market profile with Census medians, or check how a typical rental performs for an investor in our cash-flow ranking.

How we calculated this

Price is the Zillow Home Value Index and rent the Zillow Observed Rent Index for Miami. The cost of owning includes principal and interest at 7.03% with 20% down, property tax at the city's 0.89% effective rate (Census ACS), the Florida average homeowners premium (NAIC 2023) and 1% yearly maintenance. It leaves out income-tax effects, HOA dues and utilities. The typical rental may be smaller than the typical home for sale. Full methodology. This is a citywide estimate, not advice about a specific home.