Let's do the math
It's the question everyone asks: "Should I keep renting or buy?" The answer depends on your specific situation — your budget, timeline, and what you're paying in rent right now. Let's look at the real numbers.
Plug in your numbers and see how renting compares to buying over time.
South Florida rents have increased significantly over the past several years. A 2BR apartment in Delray Beach that was $1,600/month in 2020 is now $2,200–$2,500/month. If you lock in a mortgage, your payment stays stable (minus taxes and insurance increases) while rents keep climbing.
Florida has the highest homeowners insurance rates in the country. This is the biggest "hidden" cost of buying. Budget $2,500–$5,000+/year depending on location and home type. This makes the rent vs. buy calculation different here than in most other states. More details in our insurance guide.
If you're relocating from a high-tax state, the money you save on state income tax can help offset higher housing costs. Mortgage interest and property tax deductions also reduce your federal tax bill — something renters don't get.
Every mortgage payment you make builds equity. In South Florida, where property values have historically appreciated at 3–5% annually, buying a $400K home today could mean $80K–$120K in equity after 5 years (beyond your down payment). That's wealth you can't build by renting.
I'll help you look at the real numbers for your situation. No pressure either way — just honest analysis.