Rent vs Buy Calculator
Lay renting and buying side by side financially, then pick the path that suits your life.
What This Calculator Does
The calculator compares the total cost of renting against the total cost of buying over the time frame you set — folding in appreciation, tax breaks, the opportunity cost of your down payment, and ongoing upkeep — to reveal which choice actually ends up cheaper.
Who Is This For
It suits renters weighing the jump into ownership, people relocating to Miami, and anyone who wants a clear-eyed look at the financial trade-offs of renting versus buying anywhere in South Florida.
How It Works
Enter your current monthly rent, the price of the home you are eyeing, your intended down payment, the rate you expect, and how long you plan to stay put. The calculator then shows which option costs less across that span.
Frequently Asked Questions
Is it always better to buy than rent?
Not always. Owning usually pencils out better once you expect to stay 5+ years, hold a steady income, and can absorb every associated cost without strain. Renting, by contrast, keeps you flexible and your upfront outlay small.
What costs are included in buying?
On the buying side you are looking at mortgage payments, property taxes, insurance, maintenance at roughly 1-2% of home value each year, any HOA dues, and the opportunity cost locked up in your down payment.
How does appreciation affect the calculation?
When a home appreciates it builds equity, which strengthens the long-term argument for buying. Miami has historically seen 3-5% annual appreciation, but past performance never guarantees future results.
What about tax benefits of owning?
Homeowners can write off mortgage interest and property taxes within the current limits. How much those deductions are worth rises with income — they matter most to buyers sitting in higher tax brackets.