Renting is more affordable than owning in Miami-Dade — for now

Renting a 3-bedroom is more affordable than owning a comparably sized, median-priced home in Miami-Dade County.

• That's according to a new report from real estate database company ATTOM.

Yes, but: 3-bedroom rents are rising faster than median sales prices for single-family homes in Miami-Dade.

By the numbers: The average cost of renting a 3-bedroom home in Miami-Dade is currently around $3,500, a nearly 35% jump from $2,600 in 2022, per ATTOM's analysis.

• The average sales price of a single-family home jumped 13% from $460,000 in January-November of 2021 to $520,709 during the same period in 2022.

The bottom line: It's tough either way. Renting and owning are both "significant financial burdens" for households, consuming more than a third of average wages in most markets, the study found.