Stop Paying Your Landlord's Mortgage
If you're renting in Miami-Dade or Broward County, you could be building equity in your own home for a similar monthly payment. Let us show you how the numbers compare.
Local Market Data
Miami Market Snapshot
Key numbers every South Florida renter should know before deciding whether to keep renting or start building equity.
$2,400
Median Rent
Average monthly rent in Miami-Dade & Broward counties
$420,000
Median Home Price
Current median sale price in South Florida
42%
5-Year Appreciation
Home value growth over the past five years
8%
Rent Increase YoY
Average annual rent increase in the Miami metro area
Compare Your Options
Renting vs. Owning
See how your money works differently when you rent versus when you own. Based on a $400,000 home with an FHA loan at 6.5%.
Renting
Owning
Where Your Money Goes
Renting: $2,400/mo
You build zero equity. Every dollar goes to someone else's investment.
Owning: $3,133/mo
You could own a home for approximately $3,133/mo
That's $733 more than your current rent — and you'd be building equity every month.
Why Make the Switch
From Renter to Homeowner
Side-by-Side Comparison
Compare your rent to an estimated mortgage payment
Low Down-Payment Options
Explore low-down-payment and assistance programs
Dedicated Guidance
Personal guidance from start to finish
No-Pressure Process
Transparent numbers, zero pressure
Common Questions
Renter-to-Owner FAQ
In many cases, yes — especially when you factor in equity building and tax benefits. The median rent in Miami-Dade is around $2,400 per month, and a mortgage payment on a $400,000 home with 3.5% down at current rates can be in a similar range once you include principal, interest, taxes, and insurance. The key difference is that a portion of every mortgage payment goes toward equity you own, while rent payments build equity for your landlord. Over five years, you could build $60,000 or more in home equity versus $0 from renting.
Less than most renters expect. With FHA financing at 3.5% down on a $400,000 home, your down payment would be $14,000. Florida DPA programs like FL HLP ($15,000), FL Assist ($10,000), or Hometown Heroes (up to $35,000) can cover most or all of that. You'll also need to budget for closing costs, typically 2% to 4% of the purchase price, though seller concessions and lender credits can reduce these. Some of our Miami renters have transitioned to homeownership with less than $3,000 out of pocket.
With a fixed-rate mortgage, your principal and interest payment stays the same for the entire loan term — 15 or 30 years. Property taxes and insurance may adjust slightly year to year, but you will never see the 8% to 12% annual increases that Miami renters have been experiencing. Renters in South Florida have seen average annual increases of roughly 8% over the past several years, which means your rent could be $500 or more higher per month within just a few years. A fixed mortgage locks in your largest housing cost.
The general rule of thumb is that buying makes financial sense if you plan to stay at least three to five years. South Florida's average annual home appreciation of around 5% means your property value is likely to increase during that time. After two years of ownership, you can sell and keep up to $250,000 in capital gains tax-free as a single filer or $500,000 as a married couple. Even if you relocate, you could keep the property as a rental — Miami's strong rental market makes this a viable long-term investment strategy.