Rent vs Buy Calculator
See the full financial picture of renting versus buying so you can choose the path that fits your life.
What This Calculator Does
By running a side-by-side comparison of total renting and buying costs across your chosen time horizon — covering appreciation, tax advantages, the opportunity cost of your down payment, and ongoing maintenance — this calculator surfaces which option truly works out cheaper.
Who Is This For
Current renters who are thinking about taking the leap into homeownership, newcomers relocating to Miami, and anyone who wants a clear-eyed view of the financial trade-offs between renting and buying anywhere in South Florida.
How It Works
Provide your current monthly rent, the home price you are targeting, your planned down payment, the interest rate you expect, and how long you intend to stay. The calculator will then show you which option costs less over that period.
Frequently Asked Questions
Is it always better to buy than rent?
Not always. Ownership tends to make more financial sense when you plan to stay 5+ years, your income is stable, and you can comfortably cover all the associated costs. Renting preserves flexibility and keeps upfront outlays low.
What costs are included in buying?
The buying side of the equation covers mortgage payments, property taxes, insurance, maintenance running 1-2% of home value annually, any HOA fees, and the opportunity cost tied up in your down payment.
How does appreciation affect the calculation?
As a home gains value it builds equity, improving the long-term case for buying. Miami has historically posted 3-5% annual appreciation, though that track record is no guarantee of what lies ahead.
What about tax benefits of owning?
Owners may deduct mortgage interest and property taxes subject to current limits. The real value of these deductions scales with income — they tend to be most impactful for buyers in higher tax brackets.