10-Year Rent vs Buy in Miami, FL
If you plan to stay in Miami for 10 years, here's how renting and buying compare.
🏠 Buying Appears Better
Potential savings by buying: $10,261
Total Rent Paid
$357,673
Total Owner Costs
$681,946
Equity After Selling
$334,534
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in Miami, Florida
Should you rent or buy a home? Calculate your best option.
Your Scenario
$
$
%
%
10 years
1 years30 years
Explore Scenarios
Adjust these sliders to see how different assumptions affect your decision.
Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon10 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
🏠Buying is Better
You could save $10,261 by buying
Over 10 years
Monthly Cost (Rent)
$2,981
Average
Monthly Cost (Own)
$4,571
Average (excl. equity)
Total Rent Paid
$357,673
Total Owner Costs
$681,946
Final Equity
$334,534
After selling costs
Break-Even Year
Year 10
Within horizon
Upfront Costs to Buy
Down Payment (20%)$116,000
Closing Costs (3%)$17,400
Total Needed$133,400
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
Share your scenario:
🏠
Rent or Buy Today
Enable ads in preferences for personalized content