According to leading mortgage provider, LendingTree, Miami is the number one city with mortgages cheaper than renting. Yeah. Seriously.
If we look at the data and the reality on the street, we believe it says that Miami rents have gone through the roof. We believe it says, not enough people have saved for a down payment. It’s not that Miami homes are cheap. They are not. It says Miami rent is ridiculously high.
That means you should start to seriously consider buying a home or condo…at least according to LendingTree.
According to LendingTree, the median Miami mortgage payment (principal and interest) is $1,215. The median Miami rental payment is $1,477. That means the median rent is $262 higher than the median Miami mortgage payment. In other words, the median mortgage payment in Miami is roughly 18% lower than the median rental payment. That’s huge!
Among the top 50 largest metropolitans in the United States, the study rated Miami as having the greatest difference between rent payments and mortgage payments where the rental payment was higher. Here’s the full list of the 50 largest metros comparing median rents to median mortgage payments.