Compare the true cost of renting vs. buying a home in Miami-Dade County. Our calculator uses real local data — property taxes, insurance rates, and market trends — so you can make an informed decision.
Adjust the sliders to match your situation. Miami defaults are pre-loaded.
Renting is likely the better financial choice for you right now.
Based on your inputs, renting saves you $1,572/month. If you invest those savings at 7% annual return, you could build significant wealth without the risks of homeownership.
Monthly Rent
$1,900
Total Monthly (Buy)
$3,472
Monthly Difference
Renting saves you $1,572/month
Total
$3,472
5-Year Total Cost
10-Year Total Cost
$135K
$247K
4 years
When buying becomes cheaper than renting (including equity)
Miami's median home price is $422,000 (Redfin, Jan 2026). The 30-year fixed mortgage rate in Florida averages 6.1% (Florida Realtors, Feb 2026). Miami-Dade's effective property tax rate is 0.97%. Homeowners insurance in Miami averages $5,300/year. HOA fees for condos range from $350-$800+/month.
In Miami, many renters save money by renting in affordable neighborhoods like Little Havana ($1,500/mo avg) or Allapattah ($1,400/mo avg) while investing the difference. Use our neighborhood guides to find the best value.
Browse affordable apartmentsMiami buyers typically pay 2-5% of the home price in closing costs. These are one-time fees due at the time of purchase.
Estimated Total Closing Costs
$16,413
3.9% of home price
Down Payment
$42,000
10% of $420,000
Total Cash Needed at Closing
$58,413
Down payment + closing costs
Florida-specific: Documentary stamp tax is $0.70 per $100 of the loan amount. Intangible tax is $0.20 per $100 of the mortgage. Miami-Dade has an additional surtax of $0.45 per $100 on deeds.
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This calculator provides estimates for informational purposes only. Actual costs may vary based on credit score, specific property, closing costs, maintenance, and other factors. Consult a financial advisor before making major financial decisions.
Data sources: Florida Realtors (mortgage rates), Miami-Dade Property Appraiser (tax rates), Bankrate/Insurify (insurance), Redfin/Zillow (home prices). As of Feb 2026.