Renting is cheaper than owning in South Florida
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Renting is cheaper than owning a home in all 100 of the largest U.S. metro areas — including Miami — according to a LendingTree analysis.
Why it matters: Housing costs have soared nationwide, with stubbornly high home prices and mortgage rates weighing on would-be buyers.
- Homeowners with a mortgage now pay around 37% more per month than renters, researchers found.
By the numbers: The median monthly gross rent was nearly $1,500 in 2024, based on the latest available census data, compared to over $2,000 a month for mortgaged homes.
- That gap widened from the year before as homeownership costs rose faster than rents.
The big picture: In 22 of the 100 largest metros, owning costs at least 50% more each month than renting, including utilities, fees and taxes.
Zoom in: In the Miami metro area, it costs about 28% more to own a home than to rent, according to the LendingTree data.
- The median rent in South Florida is $2,083, compared to median housing costs of $2,664.
What they're saying: "The cost disparity here could be enough to convince someone that they'll never be able to own a home in some areas, and — unfortunately — they may be right," said Matt Schulz, LendingTree's chief consumer finance analyst, in a statement.
- Homebuyers may have to move to another city to find a place within reach, he says.
What we're watching: President Trump has proposed a raft of policies meant to lower mortgage rates and boost home-buying demand.
- But making housing more affordable is easier said than done.