Miami ranked a top six city in the nation to buy vs. rent
According to Clever real estate data firm, Miami is one of the top 18 cities in the United States where it is better to buy a home than rent one. The city has a price-to-rent ratio of 13, while Memphis also has a similar ratio. The top three cities for renting are San Jose, San Francisco, and Seattle. The average monthly rent payment in Miami is $2,767, while the average monthly mortgage payment is $2,913. The average home value in Miami is $444,989, which is more than double compared to the national average.
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