9 Cities in Florida Where Renting Is Now More Expensive Than Owning

©Shutterstock.com

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Florida, with its balmy weather, expansive beaches and laid-back communities, continues to attract new residents every year. In the fourth quarter of 2024, closed sales of existing single-family homes totaled 56,496, up 1.1% compared to the previous-year figure, according to Florida Realtors. Still, home prices in Florida are, overall, cooling. The average Florida home value is $389,400, down 3.2% over the past year. Does this mean now is the time to buy your Florida dream home? 

You’ll need a lot of research and personal financial guidance to answer that question. One big thing you’ll want to consider is how much rents average in your desired city. How do they compare to average monthly mortgage costs in the area? To help show where renting is much costlier, GOBankingRates analyzed the average cost of rent and mortgages in different cities. These are the nine spots in Florida where rents currently cost more than mortgages.

9. Eagle Lake

• Average value of single-family home: $290,046 
• Average monthly mortgage cost: $1,517  
• Average monthly rent: $2,067
• How much more rent costs than mortgage, annually: $6,599

8. Port Richey

• Average value of single-family home: $233,845 
• Average monthly mortgage cost: $1,223  
• Average monthly rent: $1,791 
• How much more rent costs than mortgage, annually: $6,812

7. Daytona Beach Shores  

• Average value of single-family home: $394,070  
• Average monthly mortgage cost: $2,062  
• Average monthly rent: $2,633 
• How much more rent costs than mortgage, annually: $6,852 

6. Edgewater  

• Average value of single-family home: $300,252  
• Average monthly mortgage cost: $1,571  
• Average monthly rent: $2,210 
• How much more rent costs than mortgage, annually: $7,668 

5. Palmetto  

• Average value of single-family home: $368,694  
• Average monthly mortgage cost: $1,929  
• Average monthly rent: $2,629
• How much more rent costs than mortgage, annually: $8,404 

4. Florida City  

• Average value of single-family home: $381,289 
• Average monthly mortgage cost: $1,995  
• Average monthly rent: $2,717 
• How much more rent costs than mortgage, annually: $8,662  

3. Fruitland Park  

• Average value of single-family home: $298,288  
• Average monthly mortgage cost: $1,560  
• Average monthly rent: $2,290 
• How much more rent costs than mortgage, annually: $8,754  

2. Riviera Beach 

• Average value of single-family home: $325,771 
• Average monthly mortgage cost: $1,704  
• Average monthly rent: $2,569 
• How much more rent costs than mortgage, annually: $10,380  

1. Holly Hill  

• Average value of single-family home: $210,248 
• Average monthly mortgage cost: $1,100  
• Average monthly rent: $2,079 
• How much more rent costs than mortgage, annually: $11,751  

Methodology: For this study, GOBankingRates analyzed the average cost of rent and mortgages to find places where rent is more expensive. Using Zillow Research Data’s Zillow Home Value Index and Zillow Observed Rental Index the average single-family home value and average rental cost per month can be sourced. By assuming a 20% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The difference in rent and mortgage was calculated and the top 100 places with a cheaper rent than mortgage were kept for this study. The livability index was sourced from AreaVibes and included as supplemental information. The total population, population ages 65 and over, total households, and household median income were all sourced from the U.S. Census American Community Survey and included as supplemental information. To be qualified for this study, all places had to have all data sources available. All data was collected on and is up to date as of April 21, 2025.

Share This Article: