Rent vs Buy Calculator — Miami, FL
Prefilled with Miami estimates: a ~$580,000 home (about $116,000 for 20% down) versus ~$2,900/mo rent. Florida's effective property tax of 0.91% — near the U.S. average (~1.1%) — adds roughly $5,278/yr, and typical homeowners insurance runs about $5,500/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Miami?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and Florida's tax and insurance costs. Property tax is the biggest local lever: at 0.91% on a $580,000 home that's about $5,278 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Miami, FL different
- Median home price estimate: $580,000
- Typical monthly rent estimate: $2,900
- Florida effective property tax: 0.91% (~$5,278/yr here)
- Florida avg. homeowners insurance: $5,500/yr
Starting estimates as of 2026-01 — see the methodology & sources.