Rent vs Buy in Miami —
the 2026 math.

Miami has 449,514 residents in Southeast. The climate is humid subtropical, hurricane-prone; for the rent-vs-buy math, climate matters mostly through insurance (storms, fires, freezes) and through a softer factor: how long households tend to stay in a place. Miami-style markets reward owners who can run the math at a horizon of seven years or longer — and penalize anyone running it at three.

The local price picture today: a median home runs $472,937 and the median monthly rent is $2,665. Over the past five years prices have grown at 7.0% annually — above-average appreciation and rents have risen meaningfully faster than the national average (7.6%/yr). The rent-to-price ratio sits near the long-run national median, putting the verdict squarely on stay length.

FL's low effective property tax (0.89%) is one of the strongest forces on the buy side of the math. Insurance is the line item that catches first-time buyers off guard here: the state average runs ~$5,500/yr, well above the ~$1,500/yr national mean. Florida has no state income tax, but homeowners insurance (driven by hurricane reinsurance) is the largest non-mortgage line item — often two to four times the national average.

The single most important number on this page is the break-even year: how many years you have to stay in the home for buying to outpace renting once you factor in mortgage interest, taxes, insurance, maintenance, opportunity cost on the down payment, and capital-gains exclusion at sale. For Miami at $472,937 with 10% down at the current 30-year fixed rate (6.75%), that threshold lands around year 3.

If you're moving to Miami and aren't sure how long you'll stay, the answer is almost always 'rent for two years, then re-run this calculator.' If you've been here three years already and are putting roots down, the math almost always favors buying. The middle case — you've been here a year, kind of like it, kind of don't — is where the sensitivity sliders below earn their keep.