Owning Versus Renting In 5 Florida Cities: Which Is Cheaper?

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Florida may be an appealing option for many reasons. Along with plenty of sunshine and beaches, Florida offers welcoming communities filled with great people and lots of things to do. When it comes to moving to Florida, the decision of whether to rent or buy can be influenced by many factors. Overall, it’s likely cheaper to rent in many of the cities in Florida.

For You: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents

Since the upfront costs of renting are generally lower than buying, essentially it comes down to how your short-term savings look when compared to your long-term financial goals.

GOBankingRates recently did a study to determine the cost difference between renting and buying based on such factors as median household income and average home values, mortgage payments or rental costs.

Here are the key takeaways for owning or renting in these five cities in Florida.

Jacksonville

• Average home value: $302,349
• Average monthly expenditures: $2,024
• Average monthly mortgage payments: $1,790
• Average monthly rent: $1,645
• Homeowner monthly cost of living: $3,815
• Renter monthly cost of living: $3,669

Jacksonville is one of the most affordable housing markets on this list. It’s also one of the largest cities in Florida. Here you’ll find more than 20 miles of beaches and the largest urban park system in the country. The average monthly mortgage payment and monthly rent are pretty close.

Miami

• Average home value: $581,538
• Average monthly expenditures: $2,301
• Average monthly mortgage payments: $3,444
• Average monthly rent: $3,154
• Homeowner monthly cost of living: $5,744
• Renter monthly cost of living: $5,454

You may not be surprised that Miami is by far the most expensive city on this list. You may be surprised, though, the average monthly rents and average monthly mortgage payments are fairly close. Like some other cities on this list, Miami is a popular vacation spot. It’s also home to the Everglades and Zoo Miami.

Tampa

• Average home value: $385,025
• Average monthly expenditures: $2,091
• Average monthly mortgage payments: $2,280
• Average monthly rent: $2,211
• Homeowner monthly cost of living: $4,371
• Renter monthly cost of living: $4,302

Per U.S. News & World Report, the housing market in Tampa was rebalancing at the start of 2024 after record home price growth in a few previous years. “The median home price was $370,000 in September 2024, down 2.6% year over year, and the housing supply was finally increasing to more balanced levels,” according to the U.S News Housing Market Index.

Orlando

• Average home value: $389,090
• Average monthly expenditures: $2,098
• Average monthly mortgage payments: $2,304
• Average monthly rent: $2,056
• Homeowner monthly cost of living: $4,402
• Renter monthly cost of living: $4,154

If you love visiting Orlando for the theme parks, you may want to make it your home. You’ll find plenty to do outside of the parks, including opportunities to enjoy the beautiful weather Orlando has to offer. The monthly cost of living for a renter is a few hundred dollars less than that for a homeowner. Some lower demand for homes has led to reduced prices in 2024.

St. Petersburg

• Average home value: $383,372
• Average monthly expenditures: $2,058
• Average monthly mortgage payments: $2,270
• Average monthly rent: $2,043
• Homeowner monthly cost of living: $4,329
• Renter monthly cost of living: $4,102

You can find some of the top-ranked beaches in the U.S. in St. Petersburg. Plus, you’ll find lots of cultural attractions and shopping destinations. St. Petersburg is currently more of a buyer’s market, thanks to lower prices and homes staying on the market longer. 

Methodology: For this study, GOBankingRates found the average cost of living for homeowners and renters in the USA’s largest 100 cities by population. The cost of living indexes were sourced from Sperlings BestPlaces and by using the national average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for all residents. The single-family home value was sourced from the Zillow Home Value Index and by assuming a 10% downpayment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage rate can be calculated. The average rental cost was sourced from the Zillow Observed Rental Index for each city. The average rent cost and average mortgage cost can be used with the average expenditure cost to calculate the total cost of living for renters and homeowners. The cities were ranked to show the cheapest to most expensive cities and then sorted by total population to show the cost of living for homeowners and renters in the top 100 cities by population. All data was collected on and is up to date as of July 15, 2024.

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