Miami, FL

Rent vs buy in Miami

Median home $405,600. A 1 bedrooms rents for $2,088 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,088; per month
Own the median home: $2,751; P&I, tax, insurance, upkeep
Owning costs extra: $663; per month, same metro

What a purchase actually costs

20% down payment$81,120
Mortgage at 6.5%$2,051
Property tax (0.97% of value)$328/mo · $3,934/yr
Insurance and upkeep (1.1%/yr)$372
Total monthly ownership$2,751

Census ACS 2023: 59.8% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $1,681 left over a month, it takes about 49 months (4.1 years) to save $81,120 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.