FLORIDA · RENT OR SELL
Should you rent or sell your house in Miami, FL?
The calculator below starts with a typical Miami home — median value, median rent, local property tax. Swap in your own numbers to see what renting puts in your pocket each month and what selling puts in your hand today.
Miami by the numbers
| Measure | Miami | Typical Florida city |
|---|---|---|
| Median home value | $518,100 | $363,750 |
| Median rent (monthly) | $1,758 | $1,744 |
| Years of rent to buy | 24.6 | 17.4 |
| Value change since 2015–2019 | 63% | 68% |
| Homes that are rented | 69% | 34% |
| Property tax, % of value | 0.9% | 0.7% |
| Population | 459,745 | — |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (tables B01003, B25077, B25064, B25103, B25003); 2015–2019 values from Census ACS 2015–2019. "Typical" is the median across the 200 Florida cities of 20,000+ people we track. Median rent covers every kind of rental, including apartments — a single-family house often rents for more.
What the numbers say about Miami
The median home in Miami is worth about $518,100, and the median rent is $1,758 a month. That's about 24.6 years of rent to buy the home — more than the typical Florida city we track (17.4). Homes here are pricey next to what they rent for, so rent has a harder time covering the costs of an owned house, and selling often looks better on paper.
Values have risen about 63% since the 2015–2019 Census survey, when the median was $317,700, in line with the rest of Florida (68%). That is enough gain that selling before the tax-free window closes can be worth real money.
Take an owner who bought a median-priced Miami home around mid-2019 for $318,000, with 20% down at 3.94%. Their payment is about $1,206 a month. Rented at the median rent, after property tax of about $4,600 a year, insurance, a repair reserve and a little vacancy, it would cost about $210 a month out of pocket. Selling at today's median would put about $264,740 in hand after the loan and selling costs — a gain of about $163,740, which a single filer could usually keep tax-free by selling in time.
About 69% of homes in Miami are rented, more than in most Florida cities (34%) — a deep pool of renters means shorter vacancies. Property tax runs about 0.9% of value a year, on the high side for Florida (0.7%).
The example owner is an illustration, not a forecast: bought at the 2015–2019 median with 20% down at 3.94% (Freddie Mac PMMS 2019 average), a 30-year loan, $1,800 a year of insurance, an 8% repair reserve, 5% vacancy, and 7% selling costs.
If you rent it out in Florida
Security deposit. When the lease ends, return the full deposit within 15 days if you're keeping none of it. To keep any part, send a written notice of claim within 30 days. A notice of claim must go by certified mail to the tenant's last known mailing address, or by e-mail only if the tenant agreed to e-mail notices under s. 83.505.
Late fees. Florida's landlord-tenant law sets no grace period. A late fee can apply from the day after the due date if your lease says so. Florida's landlord-tenant law (Chapter 83) sets no dollar or percentage cap on late fees. The fee must be in your lease, and a court can refuse to enforce a fee that looks like a penalty rather than a fair charge. Source: Fla. Stat. § 83.56(3) · verified October 3, 2026
Source: Fla. Stat. § 83.49(3) · verified October 3, 2026
General information, not legal advice. Laws change and local rules can be stricter — check the linked statute before you act.
More detail: Florida security deposit rules · Should I rent or sell my house? · The 2-out-of-5-year rule
QUESTIONS
Miami questions
Is it better to rent out or sell a house in Miami?
For a typical Miami home bought around 2019, renting at the median rent of $1,758 works out to about $210 a month out of pocket, while selling at the median value of $518,100 would net about $264,740. Your own mortgage, rent and purchase price decide it — enter them in the calculator above.
What is the median rent in Miami?
$1,758 a month, per the Census ACS 2020–2024 estimates. That median covers every kind of rental, including apartments, so a single-family house often rents for more.
How much is property tax in Miami?
The median owner pays about $4,586 a year, roughly 0.9% of the median home value (Census ACS 2020–2024). Your bill depends on your appraisal and exemptions — and a rental loses any homestead exemption.