Rent vs Buy Calculator — Florida
Florida has no state income tax and moderate property tax near 0.8%, but hurricane insurance is a hidden ownership cost. Compare carefully.
These are estimates using standard formulas (loan amortization and the common 28%/36% guideline). They are not financial or real-estate advice — confirm any number with a lender or broker.
How the numbers are calculated
The calculator totals the cash you would spend buying (down payment, about 3% closing costs, mortgage principal and interest, property tax, insurance, maintenance, and PMI) and subtracts the equity you build, then compares it to total rent minus what your down payment could have earned if invested. The break-even year is when buying pulls ahead of renting on your inputs.
Florida housing facts
Florida home prices are moderate but insurance is high because of hurricane risk, often $150–250 a month. Property-tax rates average about 0.8%. In fast-growing Miami and Orlando, the rent-vs-buy call is sensitive to these ownership costs.
Worked examples
Example: a $400,000 Miami-area home, 6-year stay
With 20% down at 6.7%, principal and interest is about $2,065 a month. Property tax at 0.8% adds about $267, hurricane insurance runs about $180 and maintenance $170, so ownership is near $2,682. A comparable rent near $2,400 means buying pulls ahead in about 2 years; at $2,000 rent the break-even is about year 4. Insurance is the swing factor.
Example: a $300,000 inland Florida home
Inland, hurricane insurance is often lower, near $130 a month. Ownership cost falls to about $2,050, close to a $2,000 rent, pulling the break-even to about year 2. The insurance line is the swing factor between coast and interior.
Florida’s hidden ownership cost: hurricane insurance
Florida has no state income tax and a moderate property-tax rate near 0.8%, which look friendly to buyers. The catch is wind and hurricane insurance, which can run $150 to $250 a month in coastal areas and has risen sharply after recent storm seasons. That recurring cost sits inside the monthly ownership bill and is easy to forget when comparing to rent.
Moderate taxes, rising premiums
Because the tax burden is light, the rent-vs-buy call in Florida hinges more on insurance and how long you stay than on property tax. If your quote shows a high premium, enter it above — it can move the break-even by a year or more.
When this calculator does not apply
Citizen property-insurance rates and availability change year to year in Florida, and flood insurance is separate from wind coverage. A current quote matters more than any average.
Data sources & last update
Tax rates and home prices are typical published values (Tax Foundation, FHFA, state revenue departments, Insurance Information Institute) and are examples updated for 2026. They are not a quote — confirm current figures with a lender or local assessor before acting. HomeMath runs entirely in your browser; nothing you type is uploaded.
Frequently asked questions
How much does hurricane insurance change the math?
Wind and hurricane insurance in Florida can add $150 to $250 a month in coastal areas and has risen after recent storms. That recurring cost is part of monthly ownership and can delay the break-even year by a year or more.
Does Florida’s lack of income tax help buyers?
Yes for cash flow — more income is available for housing. But the benefit is partly offset by moderate property tax and high insurance, so weigh the full monthly ownership cost.