Rent vs Buy in Miami, FL
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Miami, FL
Price-to-rent ratio is 20.8 (under 15 favors buying, over 21 favors renting). Renting costs $2,329/mo; owning runs about $4,342/mo — $2,013/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $3,081 |
| Property tax | $533 |
| Home insurance | $242 |
| Maintenance | $485 |
| Total to own | $4,342 |
| Average 2BR rent | $2,329 |
Based on a median home value of $581,864 with a $116,373 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.