Miami, FL variant. This is a Miami, FL-specific version of the Rent vs Buy Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Rent vs Buy Calculator.
In Miami, renting costs about $3,050/month while owning the $605,000 median home runs roughly $3,725/month all-in - the gap drives the rent-vs-buy decision.
Rent vs. buy in Miami
Owning includes P&I (≈ $3,059), property tax (≈ $489), and insurance - about $3,725/month before maintenance, versus $3,050 to rent.
Buying wins when you stay long enough to amortize the $121,000 down payment and closing costs, and when appreciation plus equity outpace the rent you'd otherwise pay.
About Miami, FL
Miami is in Florida, which has no state personal income tax, a key attraction for residents and businesses.
Miami's housing market is among the most expensive in the South, driven by strong demand and international buyers.
Miami is an international finance, trade, and tourism hub, with a cost of living well above the national average.
Worked example: monthly comparison
Own ≈ $3,725/mo vs. rent $3,050/mo - a $675 premium to own. Factor in the $121,000 down payment and expected years in the home.
Quick reference
- Median home value: $605,000
- Median rent: $3,050/mo
- Median household income: $54,675
- Local sales tax: 7%
- Effective property tax rate: 0.97%
- Cost of living index: 124 (US avg = 100)
Frequently Asked Questions
Is it better to rent or buy in Miami?
Owning runs ≈ $3,725/month vs. $3,050 to rent. Buying favors longer stays that recover the $121,000 down payment and closing costs.
What's the median rent in Miami?
About $3,050 per month.