Rent vs Buy Calculator
Let's lay renting and buying side by side, dollar for dollar, so the right path for your life becomes clear.
What This Calculator Does
It compares the total cost of renting against the total cost of buying over whatever time frame you pick — folding in appreciation, tax advantages, the opportunity cost of your down payment, and ongoing maintenance — to reveal which one actually comes out cheaper.
Who Is This For
I made this for renters weighing the leap into ownership, for newcomers settling into Miami, and for anyone who wants an honest look at the financial give-and-take of renting versus buying across South Florida.
How It Works
Give it your current monthly rent, the home price you have in mind, the down payment you're planning, the interest rate you expect, and how long you see yourself staying. From there it shows which choice costs you less over that stretch of time.
Frequently Asked Questions
Is it always better to buy than rent?
Not always, honestly. Owning usually wins financially when you'll stay 5+ years, your income is steady, and you can cover every related cost without strain. Renting, on the other hand, keeps you flexible and your upfront costs low.
What costs are included in buying?
On the buying side you're looking at mortgage payments, property taxes, insurance, maintenance of around 1-2% of home value a year, any HOA fees, and the opportunity cost sitting in your down payment.
How does appreciation affect the calculation?
Every time a home appreciates it adds to your equity, which strengthens the long-term case for buying. Miami has historically posted 3-5% annual appreciation — a lovely track record, though never a promise of what's ahead.
What about tax benefits of owning?
Owners can often deduct mortgage interest and property taxes within current limits. How much those deductions are really worth grows with your income — they matter most for buyers in the higher tax brackets.