15 Florida Cities Where Renting Costs Less Than Buying a Home

This year, are you considering relocating from another state to the state of Florida? If that is the case, you are just one of many. According to the findings of a recent survey conducted by moveBuddha, the state of Florida is the most desirable location for Americans to relocate to in the year 2025.

The purchase of a home is recommended by a number of financial experts as an alternative to renting one, provided that the purchase is financially feasible and is compatible with your long-term goals. You should take into consideration the fact that renting might occasionally save you a significant amount of money on a monthly basis.

GOBankingRates conducted a new study in which they studied the costs of renting and mortgages in order to identify the cities in the state of Florida where it is more cost-effective to rent than to purchase a home. Here is a list of the top 15 cities in Florida where renting is, in fact, more cost-effective than property ownership.

15. The Village of North Bay

• Single-family homes typically sell for an average of $1,050,489
• The typical monthly payment for a mortgage is $5,518.
• The average monthly rent is $2,783 dollars.
• When compared to owning, renting results in a monthly savings of $2,735

14. Key West, Florida

• The typical annual value of a single-family home is $1,208,539
• The typical monthly payment for a mortgage is $6,348.
• At an average of $3,567 per month, tenant costs
• Choosing to rent rather than buy results in a monthly savings of $2,782

13. Sunny Isles Beach

• The typical retail price of a single-family home is $1,331,543.
• The typical monthly payment for a mortgage is $6,994
• This is the average monthly rent cost: $4,061.
• When compared to owning, renting results in a monthly savings of $2,933

12. Surfside

• On average, the value of a single-family home is $1,374,384.
• The typical monthly payment for a mortgage is $7,219
• The typical monthly rent payment is $4,266.
• When compared to owning, renting results in a monthly savings of $2,953

11. Palmetto Bay

• Value of a single-family home on average is $1,093,942 percent
• The typical monthly payment for a mortgage is $5,746.
• The typical monthly rent was $2,615 per month.
• Choosing to rent rather than buy results in a monthly savings of $3,132.

10. Lighthouse Poin

• The typical retail price of a single-family home is $1,150,223
• The typical monthly payment for a mortgage is $6,042
• This is the average monthly rent cost: $2,544.
• Cost savings of $3,497 per month when renting rather than purchasing a home

9. One jug

• 1.144,347 dollars is the average value of a single-family home.
• The typical monthly payment for a mortgage is $6,011.
• The typical monthly rent in this area is $2,452
• Choosing to rent rather than buy results in a monthly savings of $3,559

8. The beach at Highland

• The typical annual value of a single-family home is $1,869,702
• The typical monthly payment for a mortgage is $9,821.
• The average monthly rent is $5,894 dollars.
• Cost savings of $3,927 per month when renting rather than purchasing a home

Pinecrest, No. 7

• The typical price of a single-family home is around $2,304,524.
• The typical monthly payment for a mortgage is $12,105.
• The average monthly rent is $6,392 this month.
• When compared to owning, renting results in a monthly savings of $5,713

8. Coral Gables

• The typical annual value of a single-family home is $1,969,977.
• The typical monthly payment for a mortgage is $10,348.
• On average, the monthly rent payment is $3,188.
• Choosing to rent rather than buy results in a monthly savings of $7,160.

7. The Islands of Bay Harbor

• The typical price of a single-family home is about $2,530,731
• The typical monthly payment for a mortgage is $13,293.
• The average monthly rent is $2,906 dollars.
• When compared to owning, renting results in a monthly savings of $10,387.

4 The beach in Miami

• 2.533,378 dollars is the average value of a single-family home.
• The typical monthly payment for a mortgage is $13,307
• The typical monthly rent was $2,899 per month.
• Choosing to rent rather than buy results in a monthly savings of $10,408

3. The Key Biscayne

• Price of a single-family home on average is $3,830,026 percent
• The typical monthly payment for a mortgage is $20,118
• The typical monthly rent payment is $7,083 and
• When compared to owning, renting results in a monthly savings of $13,035

2. Bal Harbour

• Value of a single-family home ranges from $6,510,457 on average
• The typical monthly payment for a mortgage is $34,198.
• At an average of $8,996 per month, tenant costs
• Choosing to rent rather than buy results in a monthly savings of $25,202.

1. Palm Beach.

• On average, the value of a single-family home is $10,633,975.
• The typical monthly payment on a mortgage is $55,858
• At an average of $9,134 per month, tenant costs
• When compared to owning, renting results in a monthly savings of $46,724