Buy vs Rent in Miami, FL (2026)
Median home price $620K · 1BR rent $2,500/mo · Price-to-rent ratio 20.7x.
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $21,700 | $62,000 | $124,000 |
| Mortgage (P&I) | $3,981/mo | $3,712/mo | $3,300/mo |
| Property tax (est.) | $568/mo | $568/mo | $568/mo |
| Insurance (est.) | $258/mo | $258/mo | $258/mo |
| Maintenance (est.) | $517/mo | $517/mo | $517/mo |
| Total monthly cost | $5,324vs rent: +$2,824/mo | $5,055vs rent: +$2,555/mo | $4,643vs rent: +$2,143/mo |
| Income to qualify | $170,614/yr | $159,086/yr | $141,429/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~5 yrs |
While renting, grow your down payment faster
High-yield savings accounts earning 4–5%+ APY — put your rent savings to work.
Miami housing context
Frequently asked questions
Is it better to buy or rent in Miami?
With a price-to-rent ratio of 20.7x, renting is often more cost-effective in Miami in the short term. Buying makes more sense if you plan to stay 7+ years and can make a larger down payment.
How much do I need to earn to buy a home in Miami?
With a median home price of $620K in Miami, you'd need an annual income of roughly $141,429 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $159,086/year.
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only